International Karachi, Friday, November 5, 2010, Zul-Qa’dah 27, Price Rs12 Pages 12
Kayani, only Pakistani in Forbes powerful list Economic Indicators
Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
Total Portfolio Invest (22 Oct-2010)
NCCPL (U.S $ in million)
FIPI (04-Oct-2010) Local Companies (04-Oct-2010) Banks / DFI (04-Oct-2010) Mutual Funds (04-Oct-2010) NBFC (04-Oct-2010) Local Investors (04-Oct-2010) Other Organization (04-Oct-2010)
0.50 0.29 1.54 -0.77 -0.28 -1.29 0.004
Global Indices Index Close KSE 100 10,702.19 Nikkei 225 9,358.78 Hang Seng 24,535.63 Sensex 30 20,893.57 ADX 2,750.70 SSE COMP. 3,086.94 FTSE 100 5,862.79 *Dow Jones 11,407.22 *Last Updated 20:00 PST
Change 84.54 198.80 390.96 427.83 11.05 55.95 113.82 192.09
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.30 19.10 163.53 2.00 42.81 1.70 36.39 9.79 33.51
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010
12.75% 13.11% 13.24% 13.50% 12.70% 12.97% 13.22% 13.62% 13.71% 13.65% 13.74% 13.84% 14.21% 14.34% 14.50%
Commodities *Crude Oil (brent)$/bbl 87.87 *Crude Oil (WTI)$/bbl 86.21 *Cotton $/lb 139.26 *Gold $/ozs 1,378.40 *Silver $/ozs 25.52 Malaysian Palm $ 1,034.00 GOLD (NCEL) PKR 37,997 KHI Cotton 40Kg PKR 9,324
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 85.80 Canadian $ 84.60 Danish Krone 15.00 Euro 121.00 Hong Kong $ 10.85 Japanese Yen 1.062 Saudi Riyal 22.70 Singapore $ 66.10 Swedish Korona 12.30 Swiss Franc 88.30 U.A.E Dirham 23.20 UK Pound 137.50 US $ 85.45
Sell (Rs)
86.80 85.60 15.40 122.30 11.09 1.065 22.90 67.10 12.80 88.80 23.40 139.60 85.70
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.97 84.90 16.23 120.96 11.04 1.060 22.81 66.59 13.01 87.98 23.29 137.95 85.62
86.17 85.10 16.26 121.24 11.06 1.062 22.87 66.75 13.04 88.19 23.35 138.27 85.80
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
26°C 35°C 33°C 32°C 24°C 27°C
MIN
10°C 18°C 14°C 13°C 3°C 12°C
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Pak says ties with US, independent of India
See on Page 12
SBP Monetary Policy Committee given legal status Two external experts to be appointed in committee
SCRA(U.S $ in million)
103.46 -1.27 2.20 2532
In accountability, we believe: Awan
Govt gives SBP more autonomy
Portfolio Investment Yearly(Jul, 2010 up to 3-Nov-2010) Monthly(Oct, 2010 up to 3-Nov-2010) Daily (3-Nov-2010)
See on Page 12
Industrial Dev Bank Bill, SBP Amended Bill passed
$16.96bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 170.96mn
Forex Reserves (29-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10)
FBR tax kitty up 7.2pc at Rs400bn
Special Correspondent PARIS: French Environment and Energy Minister Jean Louis Borloo hands with Chinese President Hu Jintao, as French President Nicolas Sarkozy, looks on, during the signature of agreements. Reuters
Reformed tax key to sixth tranche
Pak set to take IMF bitter pills Public frustration with govt running high KARACHI: Pakistan is coming under more pressure in talks with the International Monetary Fund (IMF) to implement a Reformed General Sales Tax as Islamabad attempts to secure the sixth tranche of an $11-billion emergency loan that has kept its economy afloat. But securing funds from the IMF would mean taking unpopular decisions such as raising tariffs to help generate funds for the power sector and broadening the tax base. Public frustrations already run high with a government
critics say is corrupt and ineffective in dealing with crippling power cuts, a Taliban insurgency and deep poverty. IMF and Pakistani officials are holding talks in Islamabad on the possible release of the sixth tranche of the loan agreed in November, 2008. "It was always the case, that the sixth tranche would be on the case of progress on RGST (Reformed General Sales Tax)," said a government source, when asked if there were any obstacles in the talks. Pakistan said in June it See # 10 Page 11
1579 units closed down during last 5-yrs
New industrial policy on anvil ISLAMABAD: Mir Hazar Khan Bijarani, federal minister for Industry and Production said draft of new policy for industries is being prepared and after approval of Cabinet the draft would be tabled in Parliament. Answering to questions raised by the Senators here during Senate session hold Thursday, Meer Hazar Khan Bijarani told that in wake of deteriorating law and order in the country during last five years, several industrial units have been closed down. He said that the ministry has
prepared draft for new industrial policy and all concerned departments and experts have been consulted in this connection. He further told that the new industrial policy would help to provide security to the industries and also grant perks for establishment of new industries. Answering to question he said that almost 1579 industrial units have been closed down during last five years including 115 units in Punjab, 700 Sindh, 688 in Khyber-Pakhtunkhwa and 29-industrialist unit in See # 12 Page 11
Rs20bn/month subsidy still on ISLAMABAD: Government is fully aware of the problems faced by general public and that is why it is giving Rs20 billion subsidy to them on monthly basis in the power sector adding that the subsidy would now be reduced due to inflation. Talking to media at the Parliament House, State Minister for Economic Affairs Hina Rabbani Khar said on Thursday that country is already facing various challenges and it has to take tough
decisions. She said the government is taking various steps to reduce the ratio of inflation in the country and to control the corruption in the institutions. Meanwhile, Rehman Malik said that Federal Investigation Agency (FIA) would launch the operation against those officers who are involved in corruption in the institutions. He expressed the resolve that there would be zero tolerance for the corrupt officers across See # 13 Page 11
Govt may export 2.5mn T wheat ISLAMABAD: Punjab government has asked the government for permission to export about 2.5 million tonnes of surplus wheat, provincial authorities said on Thursday, as the country prepares to plant the next crop. Pakistan, Asia's third-largest
wheat producer, deferred plans in August to export 2 million tonnes of surplus wheat, after summer floods washed away at least 725,000 tonnes of the grain and raised concern about the next crop. Traders say that despite flood See # 16 Page 11
Dr Imran's funeral prayer held in London LONDON: Funeral prayer of Dr Imran Farooq, slain leader of Muttahida Qaumi Movement (MQM) was offered in central London on Thursday, media reported. MQM Chief Altaf Hussain, Dr Farooq Sattar, Mustafa Kamal, Haider Abbas Rizvi, Raza Haroon and other officebearers of MQM in London as well as Karachi besides Pakistan Ambassador in UK Wajid Shams-ul-Hasan attended the funeral prayer. Those present on the occasion expressed condolences with MQM Chief Altaf Hussain over the demise of the senior most MQM leader who was assassinated in London on September 16. Scotland Yard that has been engaged in the investigation into the murder handed over the body of Dr Imran Farooq to the family and MQM office bearers on November 1, after one-anda-half-month of his assassination. Dr Imran Farooq's body will be flown from London on Friday and arrive in Karachi on See # 11 Page 11
1st Jan, 2011
All banks ready to disburse pension Raheel Ameer KARACHI: The State Bank of Pakistan has announced that all banks will start payment of pension through their branch network with effect from January 1, 2011. This arrangement will go a long way in mitigating the problems being faced by elderly pensioners. All banks have been advised by SBP to make necessary arrangements for disbursement of pension accordingly from the above-mentioned date, says a Circular (BPRD Circular Letter No. 25) issued here on Wednesday. It may be recalled See # 14 Page 11
Cement sales up 45pc MoM in Oct Ghulam Raza Rajani KARACHI: After dismal performance in first quarter of this financial year, Country's cement sector has showed improvement during the month of October 2010, as total cement dispatches surged 45 per cent MoM to 2.9 million tonnes against 2 million tonnes See # 15 Page 11
ISLAMABAD: National Assembly on Thursday passed the Bill further to amend the State Bank of Pakistan Act, 1956 (The State Bank of Pakistan (Amendment) Bill, 2010. The Act to be called the State Bank of Pakistan (Amendment) Act, 2010 shall come into force at once. Presenting the Bill, State Minister for Finance Hina Rabbani Khar said the State Bank of Pakistan Act, 1956, being old law would benefit from being updated to being it closer to the current emerging functions of a modern central
bank and to better conform to best international practices. The Monetary and Fiscal Policies, Coordination Board is redundant in terms of current practices. It is proposed to replace it and give the current Monetary Policy Committee statutory status, with external experts to be appointed by the Federal Government, she said. The Central Board will be represented by two members on the Committee which will be responsible to formulate, decide and implement the monetary policy and decide on matters such as those relating to key interest rates, supply of reserves, exchange rate policy,
Shaikh sees Pak recovery in 2yrs ISLAMABAD: Pakistan's economy would come on the path of stability within next two years provided the government is successful in bringing economic reforms in the country, Federal Minister for Finance, Dr Hafiz Shaikh said. "We need to go to mediumterm road and if we are successful in bringing economic reforms within next six to nine months, we would be able to enhance overall growth rate, create jobs and control the inflation" the finance minister told APP in an interview here. Referring to global recession, increasing oil prices in the international market and pending adjustment, the federal minister said that the country had successfully came out of
these crisis and had been witnessing macroeconomic stability till the devastating floods hit it. "The recent floods inflicted damages of $10 billion to national economy and brought the growth rate down besides affecting millions of people all across the country," the minister added. He, however, was hopeful that country's economy would come on the path of stability by reforming tax system and public sector corporations besides boosting agriculture productivity. "We have achieved GDP growth of 6 to 7 per cent and we are able to achieve such growth even now, but it would take some time, owing to See # 7 Page 11
PSM incurring losses due to inquiries, SC told
SC rejects plea to stem PSM probe ISLAMABAD: Supreme Court (SC) dismissed plea filed here in order to plead the court to stall the investigations into Pakistan Steel Mills (PSM) corruption worth billions of rupees, media reported Thursday. Chief Justice of Pakistan Justice Iftikhar Muhammed Chaudhry expressed disapproval when the PSM's counsel Fakhruddin G Ibrahim pleaded the court for order to stop the investigations into PSM corruption. A three-member bench headed by the CJP Chaudhry heard the case regarding the PSM corruption. Also Federal Investigation Agency (FIA) chief Wasim Akhtar was pres-
ent during the hearing. FG Ibrahim submitted that the FIA's investigation is causing loss to the PSM; accordingly, this process should be stanched. On this, the CJ Chaudhry, expressing dissatisfaction, said the Mills outpaced in corruption beyond Rs26 billion, adding, 'Should thieves be allowed to work again? The reason behind loss there is that the Mills have no efficient people around. The court queried the FIA's DG as to why no arrests were made as yet in corruption investigations. The Agency official informed the FIA has already changed its three heads See # 8 Page 11
EU bans Pak seafood Special Correspondent ISLAMABAD: European Union has stopped import of seafood from Pakistan for failing to come up to the standards of safety of food regulations. According to documents provided to Parliament by federal minister for trade Makhdoom Amin Fahim, EU has deleted names of Pakistani seafood
export companies from its list and currently no seafood is being exported to European countries from Pakistan. The main reason for this is Pakistani companies' failure to come up to the standards of Safety of Food regulation. In order to resume export, the progress of improving fisheries supplies have been started See # 9 Page 11
and the limits and nature of advances and loans to the Government. The minister said main object for introducing this statutory committee is to facilitate the State Bank's autonomy in performance of its essential functions in the changing financial environment. Consequently, various sections in the Act have also been amended in order to bring them in line with the role of the Monetary Policy Committee, she said. Lending to the government has been restricted by insertion of a new section (Section No 20A). Emergent functions See # 6 Page 11
Parliamentary Commission
'Q', 'N' forward names ISLAMABAD: PML-N and PML-Q in light of their agreement have forwarded the names of their respected representatives in the Parliamentary Commission for the sheer appointment of judges. Well-placed sources informed that PML-N has shown some kind of flexibility thus accepting representative of PML-Q from the National Assembly in this regard. Sources say that both agreed on the names for the Parliamentary Commission in separate PML-Q and PML- N meetings on Thursday. PML-N parliamentary meeting approved the names of Senator Ishaq Dar from the Senate while Sardar Mehtab Ahmed Abbasi from the National Assembly while on the other hand from PML-Q Chaudhry Shujaat Hussain from the Senate and Ghaus Bakhsh Mehar from the NA respectively. Hence Chaudhry Shujaat Hussain and Ishaq Dar meeting turned out to be quite fruitful as Q-league got sheer representation from the National Assembly as well. -Online
FX reserves rise to $16.96bn Shiraz Ahmed KARACHI: Pakistan's foreign exchange reserves rose to $16.96 billion in the week ending Oct 29, up from $16.88 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $13.18 billion from $13.09 billion, while those held by commercial banks fell to $3.78 billion from $3.79 billion, said Syed Wasimuddin, chief spokesman of the SBP. Pakistan's reserves hit a record high of $17.10 billion in the week ending Oct. 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit. In May, Pakistan received $1.13 billion, the fifth tranche of the programme. Officials are currently in Islamabad to discuss the release of the sixth tranche.
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Friday, November 5, 2010
Ample yarn at hand, claims APTMA KARACHI: There is abundant quantity of yarn available in the market as only 121,463 tonnes of cotton yarn was exported during first quarter of Financial Year 2010-11 as compared to 168,314 tonnes during the same period of the preceding year. The statement was made by M Yasin Siddique, Vice Chairman - APTMA while commenting on the hue and cry of downstream industry regarding shortage of cotton yarn for the local market which is hampering textile exports. He said that the claims of yarn shortage by down-
stream industry has no logic as the exports of cotton yarn during first three months of the year has decreased by about 28 per cent as compared to the same period of last year. Simultaneously, the exports of all sections of the value added sector have recorded higher exports in terms of quantity. M Yasin Siddique said that exports of Knitwear has increased by 29.2 per cent (from 24.76 million dozen to 32 million dozens) whereas its value has increased by only 15.8 per cent ($471.72 million to $546.25 million) showing decline in per unit
value by 10.4 per cent. Similarly exports value and volume of bed-wear has increased by 14.7 per cent (from $420.53 million to $482.46 million) and 6.3 per cent (80.15 million kg to 85.22 million kg), value of towel by 12.1 per cent (from $159.5 million to $178.83 million) and volume by 21.4 per cent (from 46.07 million kg to 55.93 million kg) and export value of readymade garments by 38.8 per cent (from $292.62 million to $406.24 million) and export volume by 22.1 per cent (from 6.37 million dozen to 7.78 million dozens).-Agencies
Dr Baig demands ease in wake of WoT
Lenders urged to waive Pak loans ISLAMABAD: Advisor to PM on Textile Dr Ikhtiar Baig has said that loans of Pakistan should be written off because the country has suffered mass devastation due to floods and war against terror. Talking to a Private news channel, on Thursday, Baig said Pakistan spends one-third of its GDP in paying loans every year so government is taking useful measures to bring down the ratio of loans. He said Pakistan can not pay full attention to the war against terror and rehabilitation of flood affected in the present scenario when it has to sacrifice a chunk of its GDP in paying loans.
Baig said UN declared floods in Pakistan as the worst calamity in history, so international community and IMF should write off Pakistan's loans to give humanitarian assistance to Pakistan. He said that government has made a strategy that it would not take new loans adding that Government did not accepted loans offered by Asian Development Bank for the rehabilitation of flood affected. "Government has planned that it would accept flood assistance from international community in the form of grants and aid rather than loans", he said.
Dr Baig said that the government is also planning to discuss with international community for rescheduling of the debts with three years moratorium. Answering a query Baig said IMF has held it s last tranche because it asks Pakistan to fulfill all the agreements which it made with IMF for getting loan of 11.4 billion. He said IMF has asked Government to bring power sector reforms in the country, which would be a very tough decision for the government to take. "IMF also demands that the circular debt should be dissolved in the country", he said.-APP
FRIDAY Time Programmes 8:00 Pakistan Aaj Raat (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:05 Siyasat Mana Hai (Rpt) 16:00 News 16:02 Akhri Suada 16:30 Karobari Dunya 17:00 News 17:05 Ghar Ka Kharch (Rpt) 18:00 News 18:05 Chai Time 19:00 Headlines 19:30 Mang Raha Hai Pakistan 20:00 Headlines 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 Headlines 22:05 Dosra Pehlu 23:00 News 23:05 Siyasat Mana Hai (Rpt) 0:00 News
KARACHI:- Dr Thomas Christie, Director, Aga Khan University Examination Board receiving shield from Rafiq Rangoonwala CEO Cupola Pakistan Limited in 7th Annual Teachers' Convention organised by KFC Pakistan. Photo M Imran Sharif
LAHORE: Giovanni Soranzo, Managing Director, METRO Cash & Carry Pakistan handing over donation to Khalid Sherdill, D.G Punjab Disaster Management Authority who received it on behalf of Chief Minister Punjab.-Staff Photo
Journalists hailed for supporting democracy KARACHI: The Journalist community has always played a key role in the political movements against the dictators and rendered great sacrifices for the restoration of democracy and freedom of expression. This was stated by Khawaja Rizwan Alam, the Media Coordinator of Prime Minister. He was talking to the office bearers of the Karachi Press Club (KPC) during his visit to the Club on Thursday. Khawaja Rizwan said that the present government is working to strengthen democracy in the country through politics of reconciliation. He was of the view that the dictatorial regime of Pervez Musharraf due to his wrong policies had harmed the country and ruined its economy. However, the present elected government of Pakistan People's Party has successfully overcome many internal and external challenges, Khawaja Rizwan added. He stated that the unanimous passage of National Finance Commission Award, restorations of 1973 constitution in its original shape, General (Retd) Pervez Musharraf's ouster from the Presidency, Aghaz-e-Huqooq-eBalochistan Package, are the big achievements of the present PPP government. Khawaja Rizwan said that the government also provided relief to the government employees by giving 50 per cent increase in their salaries and launching housing schemes for them..-APP
AKU symposium on research edu today NOVEMBER: Aga Khan University (AKU) is organising its 14th National Health Science Research Symposium today. This year's theme is ethical issues in education, research and health care. Dr Farhat Moazam, Chairperson, Centre of Biomedical Ethics & Culture, SIUT will be delivering the keynote address on the occasion, with Dr Rashid Jooma, Chairman, National Bioethics Committee as chief guest. The main focus of the experts in the conference would be on how a physician has moral obligations towards his patient based on the physician-patient relationship. Ethical responsibilities regarding confidentiality of a patient's health record and other important ethical issues in education and research will also be covered in the conference.-PR
KARACHI: Dr Nabeela Ali, Chief of Party USAID-PAIMAN handing over documents of midwife homeEquipment to Secretary Health Sindh Hashim Raza Zaidi, at local Hotel.-Online
Punjab govt asked to end 3-day gas cut LAHORE: Ferozepur Road Industrial Association (FRIA) has warned the government to end the 3-day gas loadsheding for Punjab immediately otherwise industrialists of Ferozepur Road Industrial Area would close down their industrial units. The industrialists of the industrial area also passed a resolution during an emergent meeting held on Thursday. The FRIA Chairman Shahid Baig presided over the meeting while Arshad Baig, Sanaullah Dogar, Zafarullah, Maqsood Ali
KARACHI: Chairman KATI Syed Johar Ali Qandhari discuses law & order situation with Brigadier Javaid Iqbal, Sector Commander Bhitai Rangers and other officials.-Staff Photo
FRIDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Awam Ki Awaz 23:00 News 23:30 24
KARACHI: Administrator Karachi Fazl-ur-Rehman starts the spray campaign in Orangi Town Area.-APP
crimination as the gas load shedding for only Punjab is a sheer injustice. The businessmen of Punjab will not tolerate any discriminatory treatment. The FRIA office-bearers said that 3-day gas suspension is pushing the industry towards closure which would not only jackup the graph of unemployment but would also create law & order situation. They said that concerned government institutions should undersand the ground realities and should reset their priorities for the Punjab industry.-APP
Staff Reporter
KARACHI: The US Agency for International Development (USAID) and the Institute of Chartered Accountants of Pakistan (ICAP) signed a Memorandum of Understanding (MoU) on Thursday to cooperate on enhancing accountability and financial governance of USAID programs in Pakistan. Within the next five years, USAID has plans to provide a major portion of its assistance directly through local organizations. Cooperation with ICAP will enable USAID to rely more heavily on local accounting and auditing organizations for ensuring that local recipients of US Government funds gans by METRO will be a have the ability to handle huge help. METRO has those funds responsibly always stood beside us in and transparently. the hour of need and we highly appreciate their valuable support." Giovanni Soranzo, Managing Director, METRO Cash & Carry Pakistan talking on this occassion said," METRO KARACHI: The feels & understands the pain WeldonMoms Costume of our flood victim brothers, Carnival 2010 will be held sisters and children. on Saturday, Nov 6 here at a local hotel with the message "Karachi Needs Something Happy Happening". A large number of mothers with kids aged 6 month - 6 years are expected to dress-up for the a cute cosNazir Ahmed Shaheen, tume parade. Mothers can executive director, dress up too to join in the Registration Department, fun, said a press release SECP, briefed the partici- issued here. pants on eServices, callMotherhood is a fantastic ing them an easy and feeling. But, in our paniccost-effective mode of fil- stricken country, where ing of documents with the every breaking-news is SECP. He also talked heart-breaking, a mother about new developments has very few entertainment in eServices and future options for herself and the plans. baby. -PR
METRO donates 10k cardies among victims Staff Correspondent LAHORE: METRO Cash & Carry Pakistan organised a handing over ceremony of 10,000 cardigans to Government of Punjab for the flood victims on Thursday at its Thokar Niaz Beg, wholesale centre. On this ocassion Giovanni Soranzo, Managing Director,
METRO Cash & Carry Pakistan handed over the donation to Khalid Sherdill, DG Punjab Disaster Management Authority who received it on behalf of Chief Minister Punjab. Addressing the occassion Khalid Sherdill said, "The flood victims require our ongoing support. Now the weather is changing and this donation of cardi-
SECP, ICAP hold eServices moot Staff Correspondent FAISALABAD: The Securities and Exchange Commission of Pakistan (SECP) organised a seminar on 'eServices Regime, Corporatisation and PostCorporatization Statutory Compliance' in collaboration with the Institute of Chartered Accountants of
Pakistan (ICAP). The ICAP members, business community, SECP consultants and officials attended the seminar. Since the launch of eServices in September 2008, such seminars have already been held in Karachi, Lahore, Islamabad, Multan, Rawalpindi and Sialkot.
KCCI asks Govt to protect businessmen M Imran Sharif
TV PROGRAMMES
Paracha and Patron-inChief Adnan Butt also spoke on the occasion. According to the resolution, having endorsement of the industrialists of Faisalabad, Sialkot, Sheikhupura & Gujranwala Chambers of Commerce & Industry, Lahore Township Industrial Estate, Katar Band Road, Ferozepur Road Industrial Association and other industrial & trade associations, the government was urged to ensure distribution of available gas to all the provinces without any dis-
ICAP, USAID sign MoU for co-work
KARACHI: Government should work to provide safety and security to the members of Pakistan Chemicals & Dyes Merchants Association (PCDMA) who are the main entity of the largest commercial centre of Pakistan viz Jodia Bazar. This was said in a joint meeting between Muhammad Saeed Shafiq, President, Karachi Chamber of Commerce & Industry and Muhammad Haroon Agar, Chairman PCDMA. Agar forcefully urged the Government and concerned quarters to provide fool proof security owing to prevailing deteriorating law & order situation with rampant crimes viz bhatta, kidnapping for ransom,
decoities, robberies of goods while entering forcefully into the warehouse, hijacking and looting of goods worth millions of rupees from cargo vans en-route to suppliers in the S.I.T.E. Industrial Estate and Jodia Bazar vicinity. Agar informed the Chamber's Chief about the significance and role of PCDMA and its members who contribute around 40 to 50 per cent (out of 67 per cent) in the national exchequer and trade/supply essential commodities within Karachi and upcountry destinations but the Government in reciprocal is not giving the deserved recognition. In the wake of highly deteriorating law & order situation, the members will be compelled to closure.
Weldonmoms carnival on Saturday
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Friday, November 5, 2010
BoE, ECB keep rates unchanged
Swiss franc slips against euro, dollar
US dollar tumbles; Aussie soars to 28-yr high Euro hits 9-month high, but euro-zone woes to slow gains NEW YORK: The US dollar slumped on Thursday, hitting a 28-year low against the Australian currency and a more than nine-month trough against the euro as a Federal Reserve decision to buy more Treasuries pushed US yields lower and prompted investors to seek returns elsewhere. The Fed's commitment to open-ended purchases of Treasuries, implying low funding costs, brings into focus an expected increased use of the dollar in carry trades in which the US dollar is used to fund purchases in commodities, emerging markets and higheryielding currencies. "What you achieve with quantitative easing is that you signal to investors not to buy US government securities, take
the money elsewhere, which in turn will weaken the dollar and spur economic growth," said Axel Merk, president and portfolio manager at Merk
Investments in Palo Alto, California. A weaker dollar is viewed as inflationary, but should help boost a flagging US export sector. "The Fed in my view is trying to debase the dollar because printing all that money is not going to spur growth on
its own," said Merk, who runs the company's $500 million currency mutual fund. In contrast to the Fed, the Bank of England on Thursday
said it made no changes to its asset purchasing plan. Analysts had initially expected the BoE to follow the Fed. The European Central Bank, meanwhile, kept interest rates unchanged at 1 per cent on Thursday with ECB President Jean-Claude Trichet making no major announcement.
He did, however, say that Fed policy actions do not suggest that the United States was actively seeking a weaker dollar. In midday New York trade, the euro was at $1.4220, up 0.5 per cent on the day, having touched a 9-1/2-month high at $1.4273, according to EBS data. Traders reported that an option barrier at $1.4250 was taken out. There are more barriers at $1.43. Bids on the euro are also expected around $1.4200-$1.4220. The dollar index, a gauge of its performance against a basket of six currencies, fell to an 11month low at 75.698, taking out trendline support from its March 2008 lows. The index was down 0.9 per cent at 75.768. See # 18 Page 11
ZURICH: The Swiss franc was lower against the dollar and the euro on Thursday trading with European equities markets opening higher as rising investor risk appetite diminished the franc's attractiveness as a safe haven currency. The franc was 0.1 per cent lower against the euro compared to the New York close, trading at 1.3741 francs per euro at 0753 GMT. The franc was also 0.1 per cent lower against the dollar at 0.9716 francs per dollar. Analysts said the franc could remain capped while markets remain buoyant. "Risk aversion has not been so high in recent weeks, which is a negative driver for the franc, and there has not been much data or comment from the SNB," said Park. "With no signs of further monetary policy from the central bank, external factors will be the main driver of the currency in the immediate future," she said. -Reuters
Yuan ends up, Fed Broadly stronger though move paves way risks of capital curbs lurk for appreciation Asian currencies
The Taiwan dollar led gains, hitting 30.530/USD, a 28month high, while the South Korean won hit a fresh fourmonth high, to 1,103/USD, before its central bank appeared to have bought an estimated $500 million during early local trade, paring its gains, Seoul traders said. South Korea said it would "aggressively" consider controls on capital flows, while the Thai finance minister said regional central banks could take joint action to curb currency speculation in the longer term. The South Korean won's gains are seen as limited as the central bank keeps a tight rein
on the currency. "Technically, the won has a room to go to 1,080 (per dollar) and 1,050 eventually. But it will not be easy to break through 1,100, given caution over capital rules and intervention," said Jeon Seung-ji, an analyst at Samsung Futures Inc. Earlier, the local currency strengthened to as firm as 1,103.0, the strongest since late April. The foreign exchange authorities were spotted buying dollars, preventing it from breaking through 1,105, dealers said. USD/IDR is last quoted at 8,905-8,910, while the 1mth NDF is at 8,892-8,912. Reuters
Stg hits 9-month high as BoE shuns QE
Taiwan dlr surges after Fed stimulus
SINGAPORE: Emerging Asian currencies gained broadly against the US dollar on Thursday after the Federal Reserve's plan to buy $600 billion in Treasuries left intact expectations for increased capital flows to the region. The prospect of more upward pressure on Asian currencies is vexing policymakers, who stepped up their threats to curb incoming capital flows. Many market participants were not scared off by the warnings, though, saying they do not expect draconian capital controls ahead of a G20 summit in South Korea this month that is expected to underscore international cooperation.
LONDON: Sterling rose to its highest in nine months against the dollar on Thursday after the Bank of England kept interest rates and its asset-buying programme on hold following signs the UK economic recovery is on track. The decision from the Bank's Monetary Policy Committee contrasted with the Federal Reserve's move on Wednesday to buy a further $600 billion in
US government bonds to tackle unemployment and stimulate growth. Analysts said sterling's gains against the greenback suggested the market had priced in a small risk of the BoE opting for another round of quantitative easing after one policymaker, Adam Posen, voted for more QE last month. The no-change decision was widely expected, however, particularly given recent strong UK gross domestic product figures for the third quarter and
above-forecast purchasing managers' surveys on manufacturing and services sector activity. "The immediate market reaction was that sterling strengthened and gilt prices fell, showing that there were at least some residual hopes that the MPC could signal a QE2 programme on the back of the FOMC announcement last night," said Chris Huddlestone, head of money markets at Investec
Treasury Solutions. "Recent brighter news on the economy would probably have to swing sharply into reverse to prompt the committee to restart QE." As of 1400 GMT, sterling had climbed 1.2 pct against a broadly weaker dollar to $1.6292, having briefly hit $1.6300, its strongest since late January. The pound also rose against the euro, with the single currency down 0.3 per cent at 87.55 pence, keeping below its 100-week moving average which is currently around 87.89 pence. -Reuters
TAIPEI: Aggressive monetary easing by the United States lifted the Taiwan dollar to a new 28-month high on Thursday, but suspected intervention by the island's nervous central bank checked gains. Taiwan's currency closed at T$30.59 per US dollar, its strongest final price since July 31, 2008, and compared with Wednesday's close of T$30.65. The Taiwan dollar's gains of more than 3 per cent over the past six weeks and through Thursday stem from the US Federal Reserve's decision to buy $600 billion in government bonds. "This is probably the path of least resistance in Asia right now and a confirmation of what's been building up over the past one to 1-½ months," said Emmanuel Ng, currency strategist with OCBC in Singapore. "It's going to serve as a backdrop." Taiwan dollar prices on the main exchange had risen as high as T$30.24 in midday trade, while the smaller Cosmos exchange ended the session at T$30.245. Differences between those prices and the day's close indicate that the central bank intervened in the main exchange to cap gains and limit volatility. -Reuters
Aussie hits 28yr peaks; NZD near 29mth highs SYDNEY/WELLINGTON: The Australian dollar broke clear above $1 on Thursday after the Federal Reserve began a new chapter in quantitative easing, while the New Zealand dollar hit 29month highs after surprisingly strong jobs data. A bold promise from the Fed to buy $600 billion worth of government bonds by the end of June 2011 to boost the languid US economy had encouraged investors to sell the US dollar to buy assets that offer higher returns. With Australian interest rates the highest in the developed world at 4.75 per cent and the central bank keen to raise them even further, the Australian dollar could remain a crowd favourite for investors looking for yield. "It's very hard to buy the US dollar right now. I would tell investors to buy the Australian dollar, the euro and the yen," said Greg Gibbs, a currency strategist at RBS. "The Aussie dollar is not going to come down below parity significantly until there are signs US rates are going to rise." Traders clearly agreed. The Aussie dollar was
strong at $1.0045 after jumping as far as a 28year high of $1.0064 in the wake of the Fed's announcement. For the year, it has gained 12 per cent, ranking it the second best-performing currency after the yen. Even surprisingly soft retail sales in September and the third quarter did not temper the currency or cool bets for more domestic rate rises. Charts showed next resistance levels were along an upward trend channel at $1.011 and $1.0175. Stop-loss buy orders were seen above $1.0100. The New Zealand dollar was also strong at $0.7850, after vaulting to a 29-month high of $0.7882. It had surged around 1.5 per cent for the day following the Fed's move. It then got a second wind from better-than-expected jobs data. The kiwi's strong gains were put down to the improved appetite for high-yield currencies as well as a more certain outlook for NZ central bank rates rises next year. The Aussie/kiwi pair bounced back off its lows following the NZ jobs data to settle around NZ$1.2798. -Reuters
SHANGHAI: Spot yuan ended up on the dollar on Thursday as the People's Bank of China fixed a stronger midpoint after the Federal Reserve's latest easing weakened the dollar globally, paving the way for a new round of yuan appreciation. But the PBOC's reference rate, from which the yuan can rise or fall 0.5 per cent in a day, strengthened much less than the dollar's weakening as the Chinese central bank appeared to be leaving some room for the yuan to appreciate in the future. China faces a slew of political events in November, including a meeting between President Hu Jintao and his US counterpart Barack Obama on Nov. 11 at a Group of 20 summit in Seoul, which will add pressure for the yuan to appreciate on the dollar. That has prompted Chinabased dealers to forecast the yuan will appreciate to around
6.6 per dollar by late November. But potential for the yuan to rise beyond that level for the rest of this year will be limited as China is apparently cautious about the global economy and its impact on the country's exports and employment. The yuan closed at 6.6635 versus the dollar, up from Wednesday's close of 6.6761. It has now risen 2.44 per cent since its depegging to the dollar in mid-June. The PBOC set the mid-point at 6.6708, a gain of 0.16 per cent from Wednesday's 6.6818 but lagging the 0.41 per cent that the US dollar index lost on Wednesday. Benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) fell to a more than one-week intraday low of 6.4045 bid from 6.4180 at Wednesday's close, with their implied 12-month yuan appreciation rising to 4.16 per cent from Wednesday's 3.94 per cent based on Thursday's PBOC fixing. -Reuters
Indian rupee at 2-wk highs as shares gain MUMBAI: The Indian rupee rose to its strongest level in over two weeks on Thursday, boosted by a 2.1 per cent gain in local shares and a steep slide in the dollar versus major currencies after the Fed announced more easing. The partially convertible rupee closed at 44.20/21 per dollar, after hitting 44.1950, its strongest since Oct. 19 and 0.3 per cent stronger than 44.35/36 at the close on Wednesday. On the week, the rupee gained 0.5 per cent. The rupee traded in a range of 44.1950-44.3450 on Thursday. Financial markets will remain closed on Friday for a local holiday. Shares rose 2.1 per cent to a record closing high, boosted by the stellar listing of Coal India, but market participants said the euphoria was leading to a sense of caution. Foreign buying of local shares has reached a record $26.6 billion so far in 2010, helping the rupee gain 5.3 per
cent. Last year, inflows of $17.5 billion helped the rupee rise 4.7 per cent. One-month offshore nondeliverable forward contracts were quoted at 44.32, weaker compared to the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.39, 44.3875 and 44.3925 respectively, with the total traded volume on the three exchanges at a low $4.7 billion. -Reuters
Top Economic Events Time Tentative 14:30 15:00 16:00 16:00 16:00 17:30 17:30 17:30 19:00
Source JPY GBP EUR CAD CAD EUR USD USD USD USD
Events Overnight Call Rate PPI Input m/m Retail Sales m/m Employment Change Unemployment Rate German Factory Orders m/m Non-Farm Employment Change Unemployment Rate Average Hourly Earnings m/m Pending Home Sales m/m
Source
Events
AUD AUD GBP GBP GBP USD USD USD
Retail Sales m/m Trade Balance Halifax HPI m/m Asset Purchase Facility Official Bank Rate Unemployment Claims Prelim Nonfarm Productivity q/q Prelim Unit Labor Costs q/q
Forecast <0.10% 0.9% 0.3% 14.3K 8.0% 0.5% 63K 9.6% 0.2% 3.2%
Previous <0.10% 0.7% -0.4% -6.6K 8.0% 3.4% -95K 9.6% 0.0% 4.3%
Actual
Forecast
Previous
0.3% 1.76B 1.8% 200B 0.50% 457K 1.9% -0.1%
0.5% 2.13B 0.4% 200B 0.50% 437K 0.9% 0.8%
0.3% 2.45B -3.7% 200B 0.50% 437K -1.8% 1.3%
Previous Day
Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver
As per 22.00 PST Ask High 1.4223 1.4284 0.8749 0.8817 1.3649 1.3803 114.74 115.39 0.9599 0.9735 1.0033 1.0113 1.6255 1.6297 131.16 131.48 1.0143 1.0152 1.4263 1.4327 84.08 84.07 1382.68 1383.51 26.01 26.01
Bid 1.4222 0.8746 1.3645 114.7 0.9595 1.0024 1.6252 131.1 1.0139 1.4255 84.02 1381.88 25.98
Low 1.4104 0.8735 1.364 114.05 0.9596 1.0012 1.6083 130.13 1.0024 1.4209 82.99 1346.83 24.77
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 04/11/2010 A USD GBP CAD EUR JPY O/N 0.22563 0.55375 1.02333 0.45000 SN 0.09563 1WK 0.24828 0.55563 1.05750 0.71188 0.10813 2WK 0.25000 0.56000 1.07917 0.75125 0.11313 1MO 0.25344 0.56875 1.10750 0.80750 0.12875 2MO 0.26828 0.62750 1.15583 0.87063 0.15438 3MO 0.28563 0.73913 1.21000 0.99000 0.19625 4MO 0.33313 0.82225 1.27750 1.04750 0.28000 5MO 0.39313 0.92500 1.33333 1.13250 0.33688 6MO 0.44250 1.02875 1.40667 1.22813 0.39625 7MO 0.49038 1.10375 1.46833 1.27813 0.45750 8MO 0.53875 1.18625 1.54667 1.32563 0.50500 9MO 0.58688 1.26688 1.60833 1.37438 0.55313 10MO 0.64156 1.34375 1.68667 1.41875 0.58000 11MO 0.69844 1.41125 1.76667 1.46125 0.60813 12MO 0.75600 1.47938 1.85000 1.50563 0.63438
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of Japan European Central Bank Federal Reserve Swiss National Bank Bank of England The Reserve Bank of Australia
Dec 07 2010 Nov 05 2010 Dec 02 2010 Dec 14 2010 Dec 16 2010 n/a n/a
Sep 08 2010 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Mar 05 2009 Nov 02 2010
Current Interest Rate 1% 0.10% 1% 0.25% 0.25% 0.50% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, November 04,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.75 138.27 121.24 85.10 88.19 86.17 13.04 1.06 14.80 66.75 16.26 22.87 11.06 12.84 306.37 27.81 67.33 23.56 23.35 0.08 2.89
85.55 137.95 120.96 84.90 87.98 85.97 13.01 1.06 14.77 66.59 16.23 22.81 11.04 12.81 305.66 27.75 67.17 23.50 23.29 0.08 2.88
85.37 137.63 120.67 84.68 87.75 85.75 12.97 1.06 14.73 66.42 16.18 22.75 11.01 12.78 304.85 27.68 67.00 23.44 23.23 0.08 2.87
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for November 04, 2010
CMKA
BMA
INVSR
GSL
ICSL
12.00 12.10 12.10 12.32 12.65 12.85 12.95 13.05 13.18 13.38 13.65 13.70 13.72 13.75 13.75 13.78 13.80 13.80 14.20 14.35
12.05 12.20 12.10 12.40 12.64 12.75 13.04 13.10 13.20 13.30 13.65 13.70 13.72 13.75 13.75 13.80 13.80 13.80 14.20 14.35
11.80 12.20 12.30 12.50 12.66 12.85 13.04 13.14 13.20 13.40 13.67 13.74 13.75 13.75 13.76 13.78 13.80 13.85 14.20 14.35
11.90 12.20 12.25 12.40 12.67 12.85 13.07 13.12 13.22 13.40 13.65 13.68 13.74 13.75 13.76 13.77 13.65 13.90 14.20 14.35
11.80 12.10 12.15 12.35 12.65 12.85 12..95 13.10 13.20 13.40 13.60 13.73 13..75 13.75 13.75 13.75 13.80 13.85 14.20 14.30
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.10 12.15 12.25 12.45 12.65 12.80 13.08 13.12 13.21 13.40 13.70 13.73 13.74 13.75 13.75 13.80 13.85 13.85 14.25 14.35
11.94 12.16 12.19 12.40 12.65 12.83 13.02 13.11 13.20 13.38 13.65 13.71 13.74 13.75 13.75 13.78 13.78 13.84 14.21 14.34
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
-0.50 0.31 0.96 0.61 0.36 -0.21
-0.64 0.02 0.48 0.27 0.80 0.55
0.85 0.04 0.78 0.67 0.84 0.49
-0.73 0.43 0.97 0.70 0.82 0.50
-0.86 -0.73 0.70 0.24 0.45 -0.16
USD/CAD USD/CHF
-0.80 -0.33 0.91 0.54 0.20 -0.24
0.60 0.24 -0.79 -0.48 0.00 0.32
0.38 -0.19 -0.91 -0.38 -0.27 -0.03
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)04/11/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 11.75
12.25
12.00
12.50
12.20
12.70
12.65
12.90
12.90
13.15
12.95
13.45
13.20
13.70
13.30
13.80
JSBL
ABPL
ASK
11.60
12.10
11.90
12.40
12.15
12.65
12.75
13.00
13.05
13.30
13.20
13.70
13.30
13.80
13.50
14.00
ASPK 11.75
12.25
11.90
12.40
12.20
12.70
12.70
12.95
12.90
13.15
13.10
13.60
13.20
13.70
13.30
13.80
CIPK
11.70
12.20
12.00
12.50
12.20
12.70
12.60
12.85
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
DBPK 11.75
12.25
11.90
12.40
12.00
12.50
12.60
12.85
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
11.85
12.35
11.90
12.40
12.05
12.55
12.65
12.90
13.10
13.35
13.15
13.65
13.15
13.65
13.40
13.90
FLAH 11.80
12.30
11.95
12.45
12.25
12.75
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
HBPK 11.65
12.15
11.90
12.40
12.20
12.70
12.75
13.00
13.00
13.25
13.10
13.60
13.20
13.70
13.35
13.85
HKBP 11.80
12.30
12.10
12.60
12.20
12.70
12.70
12.95
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
N I PK 11.75
12.25
11.95
12.45
12.60
13.10
12.80
13.05
12.95
13.20
13.00
13.50
13.10
13.60
13.20
13.70
HMBP 11.70
12.20
11.80
12.30
12.40
12.90
12.80
13.05
13.00
13.25
13.15
13.65
13.20
13.70
13.30
13.80
SAMB 11.80
12.30
12.00
12.50
12.20
12.70
12.85
13.10
13.00
13.25
13.15
13.65
13.25
13.75
13.35
13.85
MCBK 11.75
12.25
12.00
12.50
12.25
12.75
12.80
13.05
13.05
13.30
13.20
13.70
13.30
13.80
13.50
14.00
NBPK 11.50
12.00
12.00
12.50
12.20
12.70
12.70
12.95
12.80
13.05
13.10
13.60
13.20
13.70
13.30
13.80
SCPK
11.60
12.10
11.85
12.35
12.10
12.60
12.70
12.95
12.95
13.20
13.10
13.60
13.15
13.65
13.30
13.80
UBPL 11.70
12.20
12.00
12.50
12.20
12.70
12.70
12.95
13.00
13.25
13.15
13.65
13.20
13.70
13.35
13.85
AVE
12.23
11.95
12.45
12.20
12.70
12.72
12.97
12.97
13.22
13.12
13.62
13.21
13.71
1332
13.82
11.73
4 Friday, November 5, 2010
More Style, Less Substance
The Financial Daily International Vol 4, Issue 90
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Caning the sugar consumers No sooner did sugarcane crushing started in Sindh the mills started suffering from 'no cane' situation. Mills in Punjab has already decided to commence crushing after Eid-ul-Adha. Traders, cognisant of limited sugar stock available with Trading Corporation of Pakistan (TCP), have started demanding higher price and the commodity is being sold at prices ranging from Rs80 to Rs95 per kilogramme. For the prevailing dismal condition only the Government of Pakistan can be held responsible. It is on record that sugar crisis is here for the last many years and its prime reasons are: 1) persistent hike in sugarcane support price, 2) inability to increase sugarcane output in the country, 3) failure in importing raw sugar, and 4) TCP’s funding issues. All these problems surfaced because policy planners failed to understand 'sugarnomics' and growers pulled decision-makers’ strings. However, millers should also be held equally responsible for the present mess. Policy-mappers are fully aware of limited sugarcane production in the country. This shortfall could be overcome partly through import of raw sugar by the mills. Regrettably, the policy writers, under growers’ pressure, did not exercise this option and opted for import of raw sugar at higher prices and at a wrong time. This year sugarcane support price has been fixed at Rs127 per 40 kg but growers are aiming at getting it raised to Rs427 per 40 kg. They are fully aware of their negotiating power and the helplessness of the millers. Some of the units have no sugarcane and others are operating at as low as 10 to 15 per cent capacity. Initially, efforts were made to create an impression that substantial standing crop of sugarcane has been washed away in floods. Mills demanded the government to allow dutyfree import of raw sugar but the men at policy affairs rejected the demand. This gave growers the power to withhold supply and made millers bow down before their (growers) demands. Since, the mills are not allowed to import raw sugar they are completely helpless. It is still not too late; the government should allow the mills to import one million tonnes of raw sugar free of all types of duties/taxes. Over the years millers have been accused of indulging in various misdeeds, let the blame go to growers for at least once. Both low production and productivity are responsible for higher cost of production. The country has an installed capacity capable of producing up to six million tonnes of sugar and only growers can he held responsible for keeping production around 3.5 million tonnes per annum. If growers are not ready to increase sugarcane production let the mills import one million tonnes of raw sugar to free millions of Pakistanis being held hostage of bad sugar policies.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
A
weakened President Barack Obama visits India this week to counter perceptions he has relegated the Asian power behind rivals China and Pakistan, but he may struggle to seal deals to help usher in billions of dollars of business. Economic ties are booming but Obama's visit from Saturday to Monday may fail to live up to President Bill Clinton's 2000 trip that helped break the diplomatic ice, or President George W. Bush's visit in 2006 when a civil nuclear deal was hailed as a landmark in ties. Obama's drubbing in the mid-term elections may also tie his political hands when it comes to bold policy moves on India as growing worries emerge that outsourcing in cities such as IT hub Bangalore is worsening mass unemployment in the United States. It was a sign of the times that Obama told the Press Trust of India that India should open up its markets to US companies, a stance that may dominate a 10-day trip of Asia aimed at boosting US exports and jobs, crucial for his presidency's fate. "Obama is going to be too preoccupied domestically, and you won't see a more aggressive foreign policy going forward," said Amitabh Mattoo, professor of international politics at Jawaharlal Nehru University. "On his upcoming trip, I think that the best India can hope for is a consolidation of the relationship established under President Bush." An increasingly confident India wants recognition of its global weight. It wants a permanent seat on the UN Security Council and for the United States to allow exports of dual-use technology, banned after India's nuclear tests in 1998. India's booming trillion-dollar economy is one of the few a stars in a struggling world economy, offer-
ing US investors massive opportunities. There are reportedly more than 200 executives accompanying Obama on his visit to Mumbai and Delhi. On the agenda will be lucrative defense ties. The United States has held more military exercises with
“
in a wider entanglement with the US military. The civil nuclear deal with the United States was signed to great fanfare, but it struggled through parliament and now the accord has sparked criticism that US companies in the sector will be discouraged to invest due to high liabilities. Obama has a l r e a d y played down ending a ban on US exports of dual-use t e c h n o l o g y, telling the Press Trust of India it was "very difficult and complicated" to meet Indian expectations. Obama may offer some support
Obama's drubbing in the mid-term elections may also tie his political hands when it comes to bold policy moves on India as growing worries emerge that outsourcing in cities such as IT hub Bangalore is worsening mass unemployment in the United States. India in the past year than any other country, and US firms Boeing and Lockheed Martin Corp are bidding for aUS$11 billion deal for 126 fighter jets. NO BIG BREAKTHROUGHS A bilateral trade boom has seen total flows treble to $36.5 billion in goods in the decade to 2009-10, but the United States slipped from number one to three in India's trade partners. India lags China, the United States'
“
one US basket despite Obama's personal ties with Prime Minister Manmohan Singh. Any sign of India's sovereignty being undermined can rally political opposition against Singh. Singh leads a coalition of fickle regional allies and his Congress Party has had its roots in statist and non-alignment policies since independence in 1947, policy vestiges that still remain among some of its most powerful politicians. Singh toured East Asia in October before Obama and announced he would be meeting the Chinese premier in India in December. In the absence of a Doha trade deal, India spread its wing to negotiating trade deals with the likes of the European Union and, in a mark of economic power moving from west to east, the ASEAN bloc of Southeast Asian nations, Japan and Malaysia. "India will never put all its eggs in one basket, although the US may be the biggest basket of all," said Naresh Chandra, a former Indian envoy to Washington. India's reluctance to embrace Washington further was perhaps hindered by Obama's first year, when there was a perception his administration was focused more on shoring up a chaotic Pakistan or dealing with China's rise than getting close to the world's largest democracy. Early campaign talk from Obama that disputed Kashmir should be discussed as part of a wider thrust to bring peace to Afghanistan and Pakistan sparked a storm of criticism in India. He later backed down on the idea. "Past projects remain incomplete, few new ideas have been embraced by both sides, and the forward momentum that characterized recent cooperation has subsided," the Center for a New American Security said in a report. "There remains a sense among observers in both countries that this critical relationship is falling short of its promise.-Reuters
The United States has held more military exercises with India in the past year than any other country, and US firms Boeing and Lockheed Martin Corp are bidding for aUS$11 billion deal for 126 fighter jets for India's place for a permanent seat on the UN Security Council, but he will likely step short of a full endorsement. "It will be the opportunity to consolidate all that we have built in the past decade," F o r e i g n Secretary Nirupama Rao was quoted as saying in the Indian Express. "We are not in a stage in our relationship for dramatic breakthroughs and big-bang." For its part, India will be wary of perceptions it is putting its eggs into
The civil nuclear deal with the United States was signed to great fanfare, but it struggled through parliament and now the accord has sparked criticism that US companies in the sector will be discouraged to invest due to high liabilities third-biggest trading partner. Washington faces a host of hurdles, including Indian worries that signing defense pacts -- which are necessary for the US arms sales to go through -- may land New Delhi
A Street Boy’s Cul-De-Sac Abid Latif Sindhu
L
ike westerly winds, the most common thing these days is the talk of a book written by Bob Woodward, "Obama's War" and the insinuation about the strategic Pakistan-US dialogue. Both these things are linked. The time of launching of the book by Mr. Woodward perfectly coincides with the strategic dialogue. Strategy is a strange thing, it controls operational and tactical thinking but it is captive of changing tactics of the players. Strategy is like first love, you are in it, always long for it, but yet won't get it. Pakistan's strategic calculus always evolved around one issue; Kashmir, it is not eccentricity weaved around a single point, it is a matter that came into being of an ideology which is responsible for the creation of this country, mitigation of this thought will snowball the ideological cataclysm. Ideology is this far important, seed of all human thoughts and action oriented philosophy. Pakistan and its Kashmir Policy came under intense criticism many a times, the naysayer, had a superficial and partisan view, rather than having a bipartisan approach. This time around at strategic talks between Pakistan and USA the issue was relegated to be solved by mutual consultation between India and Pakistan. This is not fair. Kashmir is an international dispute,
recognized many a times by the United Nations. The mutuality does not work here; India and Pakistan have already locked their horns many a times, the issue is beyond the matrix
eruption of a suppressive dispensation by a stooge regime over all these years. Indian security forces tried to act like a lid over the burning kettle at so called back burner. The neo-
“
ments have political motives circumventing the way through violence is not a prudent thing. It is a result of non-accommodation of one party to the legitimate demands of the others. This time it is difficult for Indian government to ignore this struggle because phoenix has risen from the ashes of local ethnic anthropology. Few years back to mitigate the stance of Kashmir struggle, the moral principle of Muslim majority, Indian government started settling Hindu families in droves around Jammu area, New Jammu city was even given a new water Scheme from the Chenab River, a
Pakistan and its Kashmir Policy came under intense criticism many a times, the naysayer, had a superficial and partisan view, rather than having a bipartisan approach of diplomatic subtlety, pleasantries and parlays of these two countries. There cannot be a mechanism because the stand of both India and Pakistan are very divergent; their relationship on Kashmir issue is simply based upon irreconcilables. USA has also now started calling Indian held Kashmir as the province of India. USA as the leader of free world with historical endowment of a rich history of struggle against slavery, subjugation and perpetuation of self determination should also rise above the conundrum of regional interest and play its role as an influential friend of India and Pakistan. Not talking about the issue is simply taking sides against number one non-NATO ally. Kashmir problem remained enlivened in the hearts of people all over the years. The Kashmir struggle of 1990s was a cataclysm
Kashmir struggle proved that you can temporarily subdue the people but their aspirations, desires and passions, know, no pad locks, especially whence it is a matter of independence,
There cannot be a mechanism because the stands of both India and Pakistan are very divergent; their relationship on Kashmir issue is simply based upon irreconcilables.s sovereignty and self determination. Neo-Kashmir struggle is gyrated by the young generation; they are calling it their Boston tea party, an analogy to American history (who is otherwise reluctant to play any role). One positive assertion came from USA when it clearly stated to India that Neo-Kashmir struggle is indigenous, not sponsored by Pakistan. All insurgencies, struggle and move-
water theft, the classic Indian way. This initiative also did not prove effective in controlling the desire for self determination. Every passing day the importance of Kashmir is magnifying. Pakistan an agrarian economy is being denuded from its riparian right by deceit and cheating through broadday light water robbery by Indians. Rivers being robbed are flowing from Indian held Kashmir before entering into Pakistan. The
traditional solutions like dominion status, UN protectorate, Chenab formula; the valley divide etc. will probably not work. The situation is becoming politically explosive. The traditional parties, Kashmiri people, India and Pakistan are the key players but without the positive interference of UN and tacit interest of USA the problem will not be solved. International apathy should be replaced with international empathy, especially with the historical tinge of Boston tea party, because the youth from the lofty mountains are ready to throw their tea into meandering Indus. Let us see the color of brew, the American flavor, the Chinese oolong or sub continental mix. The level of mistrust and general bitterness can be gauged from the fact that a world known Indian writer Arundhati Roy is being castigated and criticized by the BJP for giving a statement of fact that Kashmiri people should have a right of self determination, that India's claim of Kashmir being its integral part is wrong and that the Indian forces are the world's most oppressive occupations forces. Such is the level of Hindu rightwing myopia. To achieve stability in the region USA should remain involved in the resolution of Kashmir issue, otherwise stability and peace will remain a delusion for all and sundry.
5
Friday, November 5, 2010
South East Asian stocks
Europe stocks hit near 7-month closing high KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,617.65 10,702.19 84.54 0.80 125.91
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,303.38 3,340.04 36.66 1.11 10.89
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,692.52 2,714.87 22.35 0.83 0.32
Major Gainers
Symbol RMPL BATA COLG FZTM ATRL
Close
Change
1,773.00 646.18 856.52 449.10 114.50
83.00 30.77 23.84 5.71 5.23
Major Losers
Symbol
Close
Change
UPFL 1,038.36 NESTLE 1,990.00 SRVI 169.73 HINO 123.50 SAPL 127.18
-51.64 -10 -8.73 -6.5 -4.72
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA BOP BAFL JSCL DGKC
10.89 10.06 9.80 10.16 27.65
40.02 7.97 5.95 5.48 5.25
Active Issues Plus Minus Unchanged
213 152 23
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Higher on QE optimism, strong inflow hopes FTSE closes 2-1/2-yr high
Global oil spike goads bulls back into KSE Nawaz Ali KARACHI: Higher international oil prices recalled the bulls back to the floor of Karachi Stock Exchange on Thursday which ended above 10,700 points level on offshore investors and local banks' buying. The benchmark KSE 100index ended 84 points up at 10,702 points while KSE 30Index jumped by 101 points and KSE all-share index increased by 54 points to close
at 10,279 and 7,443 points sector scrips fueled positive said Ahsan Mehanti, Director board that the appointment of respectively. activity at KSE despite con- Arif Habib Investments said. acting managing director (MD) is illegal as the non-member directors were not taken into EOGM adjourned till Nov 22 confidence while selecting the acting MD. Therefore SECP has asked KSE board to remove acting MD KSE, Haroon Staff Reporter Askari at once. KARACHI: A meeting of the Karachi Stock Exchange (KSE) board of directors has been called Market was slightly negative today (Friday) to discuss the appointment of new managing director of the exchange and to resolve at the beginning of the day and conflicts between the member and non-member directors. witnessed some mixed activiIt should be noted that conflicts between non-member See # 20 Page 11 ties moving in a limited range on both sides of the index durRising foreign interest in cerns over ongoing SECPAccording to a news report, ing the day. However, the bluechip oil & gas, banking members-directors conflict, SECP wrote a letter to KSE See # 19 Page 11
KSE board meeting today
Indian shares at record closing high MUMBAI: The BSE Sensex rose 2.1 per cent on Thursday to a record closing high, boosted by a stellar trading debut by Coal India and a fresh round of US stimulus, but some market participants warned against getting carried away. World stocks advanced after the US Federal Reserve announced a quantitative easing plan to nurse the fragile US economy. The 30-share BSE index gained 2.09 per cent or 427.83 points to an all-time closing high of 20,893.57 points, data from Thomson Reuters showed. It rose to as much as 20,917.03, its highest intra-day level since January 2008. Twenty-eight of its components closed in the green. Coal India shares gained 40 per cent, beating forecasts and marking a spectacular debut as investors added to their positions after receiving fewer shares than they had sought in the heavily oversubscribed listing. The Indian government raised $3.4 billion in India's largest ever IPO, part of a broader plan to divest stakes in state run firms over the next few years. The benchmark index has gained 19.6 per cent this year and is 300 points away from its all-time high, powered by record foreign portfolio investment in Indian stocks of $26.3 billion in 2010. Energy major Reliance Industries contributed the most to the gains on the main stock index on Thursday, with a 3.7
per cent rise. The stock, which has the largest weighting on the Sensex, has been a laggard and is only up 1.4 per cent this year. Financial stocks continued to rise as investors were optimistic for longer-term loan demand outlook in a fastexpanding economy. The banking sector index has risen close to 50 per cent so far in 2010. The country's No.1 lender State Bank of India rose much as 5.4 per cent to an all-time high of 3,450 rupees. Top private lender ICICI Bank climbed as much as 2.2 per cent to 1,265 rupees, its highest level since January 2008. Metal makers rallied as metal prices advanced in London and Shanghai after the Fed said it planned to inject $600 billion into financial markets by buying bonds. Tata Steel, Sterlite Industries and Hindalco rose between nearly 2 per cent and 3.7 per cent. Advancing shares outnumbered declining ones in a ratio of 1.1 to 1 in the the broader market, on heavy volume of 627 million shares, fueled by active trade in Coal India. The 50-share NSE index firmed nearly 2 per cent to 6,281.80. Markets will be open for trade in a special one-hour Diwali holiday session on Friday between 6 p.m. (1230 GMT) and 7 p.m. (1330 GMT). There will be no trade during regular market hours due to the public holiday.-Reuters
US stocks mid-day
Wall Street up as Fed stokes risk NEW YORK: Stocks rose sharply on Thursday as risk appetite escalated following more monetary stimulus from the US Federal Reserve in a move to boost a wilting economic recovery. The Fed's plan to buy $600 billion in Treasuries lifted risky assets, including commodityrelated stocks that rose on expectations of worldwide demand. An index of commodity prices hit its highest level in more than two years. Oil and basic materials equities rallied on the greenback's weakness. The US dollar was down 0.8 per cent against a basket of major currencies. Freeport McMoRan Copper and Gold Inc jumped 5 per cent to $102, a price not seen since July 2008. The S&P materials index (.GSPM) was up 2.7 per cent. The Fed's move is aimed at "trying to get everybody into those risk assets," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. "The game (plan) short term here appears to be very easy: You just buy those risky assets." The spike in commodities, coupled with the cash injection from the US central bank, made some investors worry about the possibility of rising inflation. Gold, traditionally seen as an inflation hedge, shot above $1,380 an ounce to near its record high. "Look at gold today," said Mendelsohn. "That indicates people are holding their nose, See # 17 Page 11
Nikkei gains 2.2pc, up from 7-wk lows TOKYO: Japan's Nikkei average rose 2.2 per cent on Thursday on a wave of short-covering as the Federal Reserve's monetary easing passed without ructions in the currency market and investors took heart from solid US economic data. Analysts said foreign investors, including a big European name, were principal players behind the Nikkei's climb away from sevenweek lows hit earlier this week, helping the benchmark to book its biggest daily per centage gain in more than a month. The Fed said it would buy $600 billion more in Treasuries by the middle of next year to boost the economy. "Stocks gained mostly on shortcovering by foreign investors including hedge funds, but it's still not any kind of active buying," said Masayuki Otani, chief market analyst at Securities Japan, Inc. "Despite today's gains, it's also too early to let down your guard as the currency markets haven't really stablised yet, and we have US jobs data and G20 going ahead. The market is unlikely to have any clear direction for the next week or two." South Korea will host a summit of leaders from the Group of 20 major economies in Seoul on Nov. 11-12. Japanese markets were closed on Wednesday, but the broader Topix index hit a 19-month closing low and the Nikkei touched a
fresh seven-week low on Tuesday. That contrasts with the Hong Kong Hang Seng index's rise to a 28-month high the day before. The US Dow and the Nasdaq also closed at levels not seen since 2008. "The fears ahead of the Fed meeting that the yen would advance further have receded in Tokyo, prompting short-covering. A bunch of upbeat US economic indicators, including ADP jobs figures, is another positive factor," said Yumi Nishimura, deputy general manager at Daiwa Securities Capital Markets. "With the focus now shifting from the Fed to fundamentals, investors no longer have to deal with a lack of trading factors, given the positive US economic data. Japanese stocks had particularly lagged other markets this week and that's also likely being corrected now." For the Nikkei, analysts expected resistance around 9,500, near its 26-week moving average, which has contained the benchmark for more than five months. After the close, Nissan Motor Co lifted its annual guidance and posted a doubling in quarterly operating profit as the popularity of new cars such as the March/Micra subcompact helped offset currency losses. The stock ended the day up 3.9 per cent at 721 yen, against a 2.1 per cent rise in the transport sector.-Reuters
ANNOUNCEMENTS Company Hinopak Motor
Period Half Yearly
Div/Bon/Right PAT (Rs in mn) -123.664
EPS(Rs) -9.97
LONDON: Britain's top shares closed at their highest in nearly 29 months on Thursday as investors responded bullishly to the US Federal Reserve's decision to pump more cheap money into the economy to boost flagging growth. Financial stocks, led by Man Group (EMG.L) and mining and energy shares such as BHP Billiton (BLT.L) and BP (BP.L), surged higher as riskier assets around the world rose despite concerns the programme could do more harm than good. The FTSE 100 closed up 113.82 points or 2 per cent at 5,862.79, its highest since June 9, 2008, after the Fed committed to buy $600 billion in government bonds to support a struggling US economy on Wednesday. "The market's reacted positively to QE and there's a risk on environment, with data out of the US better, the concerns about a slowdown are less pronounced," said Phil Poole, global head of macro investment strategy at HSBC Global Asset Management. There was good economic news from the United States on Thursday where non-farm productivity rose faster than expected in the third quarter, while unit labour costs fell. New US claims for unemployment benefits rose more than expected last week, underlining the persistent weakness in the jobs market which is threatening the recovery. Financial stocks were top gainers. The world's largest listed hedge fund firm Man Group (EMG.L), up 14.6 per cent, reported upbeat first-half results. Miners rose in tandem with metals, which benefited as the dollar index .DXY fell to an 11month low after the Fed's announcement. Anglo-Australian miner BHP Billiton's rose 6.6 per cent after Canada blocked its $39 billion bid for Potash Corp Energy shares were higher helped by a 1.7 per cent spike in the price of crude CLc1. BP added 1.3 per cent. The oil major beat profit forecasts on Tuesday. Elsewhere, Unilever jumped 6.3 per cent after the consumer goods group's third-quarter results.-Reuters
Dhiyan
GREEN DAY LIKELY Farhan Mansuri, VP Capital Markets Arif Habib Limited
Some rangebound activities are expected where index would be moving between 10,750 and 10,400 points. Investors are recommended to invest only in those dividend yielding stocks that are still to go on spot i.e., Fauji Fertiliser, Faysal Bank, Fauji Fertiliser Bin Qasim, Engro Corporation etc. Revival of local investors' confidence, continued foreign inflows, launch of MTS, rupee-dollar stability, and higher regional markets would trigger the market positively, however high inflation and "The risk of a bubble is grow- Federal Reserve's bond buying increase in interest rates could hurt it. Market maybe positive today.
China, HK shares jump on Fed move HONG KONG/SHANGHAI: Hong Kong's shares struck a 29-month high while Shanghai's key stock index rose nearly two per cent as investors got more optimistic about sustained flows into the region driving gains into year-end. The Hang Seng index rose 1.6 per cent on a healthy turnover, outperforming other regional markets which also advanced after the Federal Reserve's second round of asset purchases signalled further capital inflows into Asia. The index's 6.2 per cent gain this week has taken it back into technically overbought territory with its relative strength index at 73, above the threshold 70level. While the sharp move suggests a short-term pullback is possible, most analysts recommend investors buy on dips and are bullish about the mediumterm outlook for Hong Kong shares.
ing given that we are expecting more inflows into the Hong Kong market. At the moment, we are not in a bubble yet. Valuations are not cheap but not expensive," said Grace Tam, vice president for investment services at JPMorgan Asset Management. The Hang Seng index currently trades at about 13 times forward 12-month price-toearnings compared with a 10year average of 14.3 times and well below levels of 20.2 times seen at its October 2007 peak. HSBC, up 3.6 per cent, and China Mobile, up 2.2 per cent, provided the biggest boost to the index as investors finally chased the largest weighted stocks on optimism that the rally still had legs. SHANGHAI AT 6-MONTH HIGH China's key stock index ended up 1.9 per cent at a fresh six-month high, after the
programme fuelled expectations of more hot money flows to the Chinese market, boosting commodity issues. The index was also buoyed by a mild open market operation on Thursday that indicated the People's Bank of China may not act to tighten monetary policy again in the near term after surprising markets with an interest rate hike on Oct.19. The index now faces stiff resistance around 3,100 points, a level it fell below in April after Beijing introduced property curbs. That level has not been breached since. "Our medium-term view of China shares is optimistic. The main trend of a depreciating dollar and an appreciating renminbi (yuan) is not going to change in the near term, so we expect more funds to flow into China," said Wendy Huang, analyst at SinoPac Securities Corporation in Shanghai. -Reuters
Khurram Shehzad, Senior Research Analyst Invest Cap Due to higher international oil prices market is expected to see continuous bullish activities as oil sector has the highest weightage. Keeping this in view index is likely to cross 11,000 points level in the coming days. Investors are advised to invest in OMC, E&P, refinery, cement, and fertilizer stocks. Approval of IMF tranche, no change in interest rate, and inflow of $750 million under coalition support fund (CSF) would support the market. It could be a green day today.
6
Friday, November 5, 2010
Market 125,914,180
Value
3,718,999,017
Trades
62,488
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
213 152 23 388
All Share Index
10,702.19 10,729.22 10,604.82 h84.54
Current High Low Change
KSE 30 Index
7,443.72 7,462.13 7,382.60 h 54.84
Current High Low Change
KMI 30 Index Current High Low Change
10,279.01 10,298.51 10,169.24 h101.52
16,972.16 16,999.04 16,788.63 h176.81
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,353.23 Turnover 8,140,067 P/E (x) 10.17 Company
KSE 100 Index
Symbols
Volume
PE
High Low 1,372.92 1,351.20 Total cos Defaulter cos P/BV (x) ROE (%) 3.31 32.54
Open
High
Low
Attock PetroleumXDXB 691 5.18 295.13 Attock Refinery 853 6.42 109.27 BYCO Petroleum 3921 - 11.21 Mari Gas Company 735 16.64 122.09 National Refinery XD 800 3.31 221.00 Oil & Gas Development 43009 10.49 154.07 Pak Petroleum 11950 7.61 185.85 Pak Oilfields XD 2365 5.82 241.79 Pak Refinery Limited 350 - 79.05 PSO 1715 4.68 272.12 Shell Gas LPG 226 - 35.43 Shell Pakistan 685 9.97 191.32
300.00 114.73 11.49 123.00 225.00 155.75 187.50 248.00 81.25 277.70 37.20 195.00
294.50 108.80 11.03 122.01 220.05 153.85 185.11 242.15 78.01 272.50 35.60 190.00
Close Chg 299.19 114.50 11.42 122.83 223.67 155.08 187.24 246.32 80.77 276.70 35.74 194.49
4.06 5.23 0.21 0.74 2.67 1.01 1.39 4.53 1.72 4.58 0.31 3.17
Close Change 1,367.46 14.23 Listed cap Market cap 65,194.15 mn 1,075,255.49 mn Payout (%) Div Yield (%) 55.94 5.50 Last 60 days High Low
Volume 291849 3347572 2210883 10511 34935 872837 339845 1607991 84718 1503719 4427 41663
374.20 114.73 11.79 128.90 233.50 156.50 214.10 251.24 85.90 280.99 40.28 233.00
% Change 1.05 5-Day High 1,367.46 5-Day Low 1,340.42
2009 Div BR (%) (%)
287.99 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.05 330 -
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 741.85 Turnover 11,265 P/E (x) 5.80 Company
Paid up Cap(mn)
Pak Int Cont.Terminal XD 1092 PNSC XD 1321
High Low 760.62 739.73 Total cos Defaulter cos P/BV (x) ROE (%) 1.48 25.53
Close 749.07 Listed cap 3,242.17 mn Payout (%) 11.08
Change 7.22 Market cap 13,129.63 mn Div Yield (%) 1.91
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.21 41.30
71.16 38.00
73.50 38.00
71.00 37.80
72.06 38.00
7496 3769
80.00 41.00
0.90 0.00
60.05 34.50
Company
Paid up Cap(mn)
Agritech Limited BOC (Pak) Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji Fertilizer Fauji Fert. Bin Qasim Gatron Ind XD Ghani Gases Ltd ICI Pakistan Ittehad Chemical Lotte Pakistan Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide
PE
Open
High
Low
3924 7.75 22.49 250 10.41 78.04 273 5.76 150.66 1203 6.94 167.72 1996 2.23 1020 5.62 3663 1.56 3277 9.79 177.73 6635 - 13.28 22000 9.66 6785 7.83 107.50 9341 5.94 31.29 384 2.32 43.00 725 9.07 12.10 1388 7.38 127.81 360 10.10 27.00 15142 3.89 10.27 74 1.76 1106 1.45 120 2.50 214 8.52 106.00 551 14.30 13.17
21.41 78.50 152.00 169.20 2.25 5.62 1.58 178.50 13.80 9.78 108.40 31.70 45.05 12.44 132.45 28.25 11.09 1.87 1.41 2.75 105.11 13.50
21.37 75.00 149.95 167.30 2.17 5.50 1.50 176.85 13.20 9.61 107.25 31.25 40.85 11.80 127.00 26.95 10.35 1.55 1.36 2.50 101.00 13.10
Close Chg 21.38 75.78 150.79 167.48 2.19 5.54 1.56 178.24 13.65 9.72 108.03 31.49 43.25 11.97 131.02 27.07 10.89 1.60 1.37 2.57 104.00 13.16
-1.11 -2.26 0.13 -0.24 -0.04 -0.08 0.00 0.51 0.37 0.06 0.53 0.20 0.25 -0.13 3.21 0.07 0.62 -0.16 -0.08 0.07 -2.00 -0.01
Close 1,200.02 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 1750 16158 23127 11032 35002 206573 361146 528365 810125 263370 125360 966686 157 62392 623604 1555 40024116 10044 61205 701 1600 247765
Change 8.04 Market cap 269,186.76 mn Div Yield (%) 6.50
25.38 87.99 166.99 182.00 2.98 6.20 2.00 182.20 15.20 11.74 109.95 31.88 45.95 13.85 132.45 33.00 11.09 3.24 1.65 3.49 127.20 13.90
% Change 0.67 5-Day High 1,205.26 5-Day Low 1,182.00
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.15 66.90 90 15 149.72 125 155.38 40 10B 40 1.78 3.20 1.28 165.60 6010B 40R 40 10.62 - 27.5R 9.02 102.96 131.5 10B 95 26.59 40 - 17.5 36.80 20 7.41 109.50 80 55 21.00 15 5 6.75 5 0.80 1.16 1.80 101.00 75 25 7.67 -
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,073.20 Turnover 101,332 P/E (x) 5.55
High Low 1,091.78 1,073.86 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47
Close 1,084.10 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Century Paper 707 Pak Paper ProductXDXB 50
7.69
16.19 41.00
16.72 40.00
16.02 40.00
16.42 0.23 40.00 -1.00
99931 1301
Company
Change 10.90 Market cap 3,004.08 mn Div Yield (%) 4.56
Last 60 days High Low 21.80 62.85
15.28 38.61
% Change 1.02 5-Day High 1,085.43 5-Day Low 1,064.98
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 -
25 33.33B
Open 1,096.90 Turnover 292,265 P/E (x) 3.99 Paid up Cap(mn)
PE
Open
Agriautos Ind XD 144 4.99 66.65 Atlas Battery 101 4.61 154.02 Atlas Engineering Ltd 247 15.85 18.74 Atlas Honda 626 7.38 105.00 Dewan Motors 890 1.47 General Tyre 598 18.88 21.50 Ghandhara Nissan 450 3.72 5.33 Honda Atlas Cars 1428 - 11.33 Indus Motors 786 5.35 233.06 Pak Suzuki 823 11.62 73.49 Sazgar EngineeringXDXB 150 3.57 18.92
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Close 906.57 Listed cap 3,596.11 mn Payout (%) 30.91
Change 4.48 Market cap 8,667.90 mn Div Yield (%) 10.84
Last 60 days High Low
Volume
% Change 0.50 5-Day High 919.57 5-Day Low 902.09
2009 Div BR (%) (%)
High
High Low 1,109.57 1,089.55 Total cos Defaulter cos P/BV (x) ROE (%) 1.01 25.35 Low
Close Chg
565 675 555
3.81 8.59
24.06 2.71 13.76
24.80 2.85 13.90
24.15 2.63 13.55
24.36 0.30 2.83 0.12 13.75 -0.01
27110 11091 4110
27.99 3.39 16.75
23.75 1.65 12.25
-
30B
30 -
-
International Ind
1199
9.42
44.94
46.34
44.73
45.20 0.26
74223
68.50
44.00
-
-
40
20B
Company Adam Sugar AL-Noor Sugar Chashma Sugar Colony Sugar Mills Faran Sugar Habib Sugar Hussein Sugar J D W Sugar Mehran Sugar Mirza Sugar Mithchells Fruit National Foods XD Nestle Pakistan Noon Pakistan XD Noon Sugar Pangrio Sugar Premier Sugar Quice Food S S Oil Sakrand Sugar Shahmurad Sugar Wazir Ali
Close 1,099.93 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 3.03 Market cap 39,970.52 mn Div Yield (%) 5.12
Last 60 days High Low
Paid up Cap(mn) 58 186 287 990 217 600 121 490 143 141 50 414 453 48 165 109 38 107 57 223 211 80
PE
Company
Paid up Cap(mn)
Close 969.91 Listed cap 54,792.74 mn Payout (%) 19.04
Change 10.45 Market cap 69,183.79 mn Div Yield (%) 2.85
% Change 1.09 5-Day High 976.86 5-Day Low 959.46
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
3.00 59.82 16.90 1.55 23.78 1.45 27.65
1500 627 66991 23902 1000 47282 5252384
4.20 69.99 18.50 2.20 30.50 1.99 28.30
2.80 57.60 14.01 1.30 22.10 1.30 23.02
50 -
20B 20R
1194 222023 3300
4.70 5.50 6.90
2.11 4.51 4.25
-
10B
2010 Div BR (%) (%)
PE
Open
High
Low
Al-Abbas Cement Attock Cement XD Berger Paints Dadabhoy Cement Dadex Eternit Dewan Cement DG Khan Cement Ltd
1828 866 6.30 182 982 11.92 108 3574 3651 115.21
3.00 59.42 15.90 1.63 25.02 1.49 26.77
3.00 59.90 16.90 1.55 23.88 1.59 27.94
3.00 59.12 16.20 1.51 23.77 1.44 26.81
EMCO Ind Fauji Cement Fecto Cement
350 3.48 6933 14.55 502 3.20
2.99 4.77 6.16
3.19 4.86 6.30
2.46 4.72 6.10
Flying Cement Ltd Frontier Ceramics
1760 77
-
1.78 3.02
1.90 3.90
1.75 2.16
1.80 0.02 2.17 -0.85
22107 7830
2.20 5.00
1.74 1.91
-
-
-
-
Gammon Pak Haydery Const Kohat Cement
283 32 1288
-
1.51 0.80 6.17
1.50 0.77 6.25
1.50 0.65 6.10
1.50 -0.01 0.70 -0.10 6.15 -0.02
566 14788 17499
2.90 1.48 6.50
0.98 0.25 5.50
-
-
-
-
13126 3234 5261 2228 200
6.49 1.33 -
2.95 71.51 2.85 7.99 6.00
3.05 72.99 2.94 8.08 6.20
2.92 71.00 2.76 7.35 5.85
2.99 72.22 2.87 7.45 6.03
453282 1065167 104580 227904 621
3.65 74.00 3.40 8.58 9.47
2.60 62.71 2.51 6.90 5.50
40 -
-
40 -
-
798 495.00
19.90
19.80
19.00
19.80 -0.10
600
22.24
17.74
-
-
-
50R
Lafarge Pakistan Cmt. Lucky Cement XD Maple Leaf Cement Pioneer Cement Safe Mix Concrete Thatta Cement
0.00 0.40 1.00 -0.08 -1.24 -0.04 0.88
2.92 -0.07 4.80 0.03 6.15 -0.01
0.04 0.71 0.02 -0.54 0.03
- 100R 50 - 122R - 20R -
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 926.96 Turnover 151,501 P/E (x) 2.66 Company
Paid up Cap(mn)
PE
Open
High
High Low 931.61 921.35 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 43.91 Low
Close Chg
Cherat PapersackXDXB 115 1.73 46.30 48.61 46.65 48.61 ECOPACK Ltd 230 2.05 2.00 1.90 2.00 Ghani GlassXDXB 1067 4.46 48.70 49.00 48.50 48.57 Packages Ltd 844 54.37 106.26 106.59 105.89 106.02 Siemens Engineering 82 10.58 1284.50 1285.00 1270.00 1282.50 Tri-Pack Films 300 7.51 103.18 104.50 103.00 103.00
2.31 -0.05 -0.13 -0.24 -2.00 -0.18
Close 926.47 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change -0.50 Market cap 34,643.53 mn Div Yield (%) 5.85
Last 60 days High Low
116924 53.19 34.00 13853 2.69 1.70 1387 61.99 45.75 17890 123.00 98.00 1001 1285.00 1050.01 426 106.00 91.00
% Change -0.05 5-Day High 932.86 5-Day Low 902.80
2009 Div BR (%) (%)
2010 Div BR (%) (%)
30 32.5 900 100
20 25 900 -
10B -
25B 10B -
40 100 20B - 100R 80 30B 100 5 - 20B
90 100 20 150 10
20B 20B
Low
Close Chg
Close 1,506.68 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 0.21 Market cap 196,453.58 mn Div Yield (%) 0.93
Last 60 days High Low
9773 14.00 10.50 10000 45.99 39.25 47222 11.40 8.00 1405 4.49 2.40 500 20.95 15.92 51730 32.25 25.06 664 14.00 4.22 752 80.80 60.10 790 59.25 48.50 2200 5.70 4.00 120307 76.00 61.50 101 63.88 39.01 115 2057.99 1641.00 5252 29.87 18.48 1020 13.75 10.20 3055 6.35 4.00 498 41.52 32.50 8000 3.40 1.60 500 3.89 2.51 500 3.50 2.12 9260 11.90 8.00 500 7.96 4.75
% Change 0.01 5-Day High 1,514.83 5-Day Low 1,505.06
2009 Div BR (%) (%)
2010 Div BR (%) (%)
10 40 17.5 35 40 35 20 600 50 30 15 -
0 12.5R 25 10B 12 450 12 -
25B 30B 25B 10B 10B -
Company Pak Elektron Singer Pak Tariq Glass Ind
Paid up Cap(mn)
High Low 1,161.70 1,086.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.33 10.64
Close 1,147.34 Listed cap 3,763.71 mn Payout (%) 6.27
PE
Open
High
Low
Close Chg
Volume
1174 3.36 341 20.85 231 2.03
13.32 19.50 16.88
13.54 20.40 17.18
12.90 18.50 16.85
13.35 0.03 18.56 -0.94 16.99 0.11
148241 1277 18490
Change 27.42 Market cap 5,405.29 mn Div Yield (%) 2.01
Close 1,509.67 Listed cap 1,336.62 mn Payout (%) 131.49
Change -2.40 Market cap 31,276.13 mn Div Yield (%) 16.44
Last 60 days High Low 15.43 24.14 18.80
12.17 16.51 14.50
2009 Div BR (%) (%) -
10B 10B -
2010 Div BR (%) (%) 17.5
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 940.46 Turnover 11,736,017 P/E (x) 5.66 Company
Paid up Cap(mn)
(Colony) Thal 56 Ali Asghar Textile 222 Amtex Limited XD 2415 Azam Textile XD 133 Azgard Nine 4493 Bannu Woolen XD 76 Bata (Pak) 76 Chakwal Spinning XD 400 Chenab Limited 1150 Chenab Ltd Pref 800 Colgate Palm 316 Colony Mills Ltd 2442 Crescent Jute 238 D S Ind Ltd 600 Data Textile 99 Dewan Farooque Spin. 600 Dewan Khalid Textile 57 Faisal Spinning XD 100 Fazal Cloth 188 Gadoon Textile XD 234 Ghazi Fabrics XD 326 Gillette Pakistan 192 Gulistan Textile XD 190 Gulshan SpinningXDXB 222 Hira Txt.Mills Ltd. XD 716 Ibrahim Fibres XD 3105 Idrees Textile XD 180 Janana D Mal 43 Masood Textile XD 600 Mohd Farooq 189 Mukhtar Textile 145 Nishat (Chunian) XD 1586 Nishat Mills XD 3516 Pak Synthetic 560 Premium Textile XD 62 Quality Textile XD 160 Quetta Textile XD 130 Ravi Textile 250 Reliance Weaving 308 Saif Textile 264 Samin Textile 134 Service Ind 120 Service Textile 44 Shadab Textile XD 30 Shahpur Textile 140 Shahtaj Textile XD 97 Suraj Cotton XD 180 Tata Textile 173 Thal LimitedXDXB 307 Treet Corp 418 Yousuf Weaving 400 ZahidJee Textile 341 Zil Limited XD 53
PE
Open
1.00 15.25 1.05 10.34 4.92 0.34 2.48 - 10.30 0.46 13.26 5.36 615.41 0.54 1.05 3.60 1.92 32.15 832.68 4.42 2.79 0.85 1.83 0.21 4.81 6.11 0.11 1.78 0.74 31.49 0.98 51.79 0.50 46.09 0.50 2.91 - 64.38 1.15 18.45 0.89 7.30 0.75 3.95 3.03 38.58 3.62 3.40 0.24 15.44 1.96 19.49 0.99 0.45 1.82 20.85 4.45 50.90 2.18 6.02 0.47 28.53 0.56 9.15 0.49 30.75 1.66 0.64 9.26 0.44 5.50 5.01 6.38 5.81 178.46 0.73 0.21 8.56 0.69 0.50 - 17.00 0.72 32.03 0.23 23.15 4.18 96.95 8.42 51.45 0.43 1.29 0.49 3.16 3.03 44.16
% Change -0.16 5-Day High 1,518.65 5-Day Low 1,509.28
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Ados Pak AL-Khair Gadoon
66 100
1.06 -
16.50 4.90
16.50 5.49
16.00 4.54
16.50 0.00 4.54 -0.36
4832 1090
21.96 6.50
14.62 3.25
20 -
-
-
-
AL-Ghazi Tractor Bolan CastingXDXB Ghandhara Ind
215 4.89 202.73 104 - 44.00 213 10.83 11.22
204.00 203.00 204.00 45.00 45.00 45.00 11.75 11.39 11.70
1.27 1.00 0.48
375 2505 17553
227.45 51.99 18.80
200.00 37.00 10.55
400 -
20B -
150 25 -
10B -
KSB Pumps Millat Tractors XB
132 366
72.89 70.15 70.21 -3.63 480.00 475.25 477.04 -0.27
345 26114
88.21 597.90
70.15 390.00
35 450
25B
650
25B
Total Assets (Rs in mn)
8,260.69
2.09
Total Equity (Rs in mn)
1,669.86
MA (100-day)
2.00
Revenue (Rs in mn)
844.20
MA (200-day)
2.44
Interest Expense
1st Support
2.20
Loss after Taxation
2nd Support
2.05
EPS 10 (Rs)
667.45
1st Resistance
2.45
Book value / share (Rs)
2nd Resistance
2.55
PE 11E (x)
Pivot
2.30
PBV (x)
(199.37) (0.94) 7.87 14.50 0.29
IGIBL closed up 0.16 at 2.32. Volume was 4,619 per cent above average (trending) and Bollinger Bands were 3 per cent wider than normal. The company's profit after taxation stood at Rs8.928 million which translates into an Earning Per Share of Rs0.04 for the 1st quarter of current fiscal year (1QFY11). IGIBL is currently 5.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into IGIBL (bullish). Trend forecasting oscillators are currently bullish on IGIBL.
Pioneer Cement Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
39.98
Total Assets (Rs in mn)
10,325.49
MA (10-day)
7.98
Total Equity (Rs in mn)
2,218.22
MA (100-day)
7.43
Revenue (Rs in mn)
3,872.83
MA (200-day)
8.61
Interest Expense
1st Support
7.22
Loss after Taxation
2nd Support
6.92
EPS 10 (Rs)
392.66
1st Resistance
7.95
Book value / share (Rs)
2nd Resistance
8.38
PE 11 E (x)
Pivot
7.65
PBV (x)
(590.93) (2.87) 9.96 0.75
PIOC closed down -0.54 at 7.45. Volume was 417 per cent above average (trending) and Bollinger Bands were 25 per cent narrower than normal. The company's loss after taxation stood at Rs86.285 million which translates into a Loss Per Share of Rs0.39 for the 1st quarter of current fiscal year (1QFY11). PIOC is currently 13.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PIOC at a relatively equal pace. Trend forecasting oscillators are currently bearish on PIOC.
Atlas Bank Limited
% Change 2.45 5-Day High 1,147.34 5-Day Low 1,115.33
High
High Low 949.52 927.20 Total cos Defaulter cos P/BV (x) ROE (%) 0.49 8.64 Low
Close Chg
1.00 1.00 1.00 0.00 0.61 0.61 0.61 -0.44 4.96 4.40 4.55 -0.37 2.50 2.45 2.45 -0.03 10.89 10.27 10.74 0.44 13.39 12.90 12.96 -0.30 646.18 614.00 646.18 30.77 1.50 0.56 1.23 0.18 3.73 3.21 3.35 -0.25 2.50 2.00 2.14 0.22 860.00 791.05 856.52 23.84 2.83 2.76 2.83 0.04 0.80 0.75 0.75 -0.10 1.98 1.80 1.87 0.04 0.40 0.20 0.39 0.18 6.80 5.90 5.96 -0.15 1.50 1.45 1.45 -0.33 29.95 29.95 29.95 -1.54 52.00 52.00 52.00 0.21 46.00 44.05 45.97 -0.12 3.90 3.00 3.05 0.14 67.57 61.30 63.17 -1.21 19.20 18.75 19.20 0.75 7.49 7.10 7.32 0.02 3.99 3.85 3.99 0.04 38.80 37.26 38.57 -0.01 3.35 3.30 3.33 -0.07 14.50 14.44 14.44 -1.00 19.49 18.49 18.56 -0.93 0.80 0.50 0.78 -0.21 0.94 0.16 0.60 0.15 21.89 20.60 21.89 1.04 52.00 50.25 51.81 0.91 6.45 6.15 6.45 0.43 29.40 28.10 29.40 0.87 9.30 9.30 9.30 0.15 29.91 29.91 29.91 -0.84 1.77 1.66 1.67 0.01 9.97 9.11 9.16 -0.10 5.44 5.25 5.44 -0.06 6.01 6.00 6.01 -0.37 180.70 169.54 169.73 -8.73 0.25 0.25 0.25 -0.48 9.00 7.56 7.56 -1.00 0.74 0.50 0.50 0.00 17.35 16.80 16.97 -0.03 32.08 31.10 31.89 -0.14 24.15 23.50 23.89 0.74 98.00 96.00 97.73 0.78 54.02 52.00 52.85 1.40 1.23 1.23 1.23 -0.06 3.74 3.65 3.65 0.49 45.70 45.30 45.30 1.14
Close 943.84 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 3600 1000 2245639 2217 2148672 9246 5774 60644 18806 63678 299 382 1320 173000 3101 27280 1099 500 278619 2604 4041 8507 1243 1953 10017 6000 2000 6300 2450 18503 502 2313578 3416929 10707 1000 2000 500 36326 6480 1010 1000 107417 2000 521 12601 10002 15159 2703 69567 612347 3500 501 502
Change 3.37 Market cap 121,487.68 mn Div Yield (%) 2.95
Last 60 days High Low 2.00 2.21 20.45 3.45 12.32 14.50 646.18 2.59 4.24 2.61 885.00 3.45 1.90 2.49 0.96 6.80 1.90 34.95 53.25 51.50 5.00 73.00 24.84 10.30 4.88 40.30 5.35 20.50 22.88 1.82 0.99 23.55 54.27 7.49 31.03 10.90 52.29 3.12 12.00 6.49 8.69 255.29 0.75 11.50 1.90 21.90 37.50 24.15 112.80 54.02 1.80 4.00 48.75
0.52 0.61 4.40 1.35 8.55 7.50 436.00 0.56 2.93 1.21 615.00 2.23 0.16 1.44 0.02 2.05 0.26 24.55 41.00 33.80 1.11 57.50 17.57 5.31 2.52 34.05 2.56 9.95 18.31 0.35 0.16 14.64 40.81 5.16 25.71 7.51 25.80 1.38 6.91 2.01 5.02 169.54 0.14 7.56 0.18 14.75 29.00 14.02 86.50 37.20 0.73 2.00 33.00
2009 Div BR (%) (%)
% Change 0.36 5-Day High 948.47 5-Day Low 940.38 2010 Div BR (%) (%)
30 7.5 20 120 5 115 15B 7.5 50 -100SD 70 10 - 10B 10 - 10B 10 20B 10 20 10 15 15 100R - 50R 15 20 25 45R 12.5 7.5 50 15 - 632R 20 - 25SD - 100R 200 10 20 45 15 50 25 20 20B 80 20B 40 10B 35 -
PHARMA AND BIO TECH
PE
8.41 73.84 6.24 477.31
2010 Div BR (%) (%)
Performance of SR Pharma and Bio Tech Index
Paid up Cap(mn)
Company
High
Open 1,119.91 Turnover 168,088 P/E (x) 3.12
INDUSTRIAL ENGINEERING High Low 1,519.38 1,504.60 Total cos Defaulter cos P/BV (x) ROE (%) 3.04 38.02
63.01 131.00 16.25 92.00 1.16 21.00 4.03 9.65 212.29 69.25 17.92
2009 Div BR (%) (%)
69.17
MA (10-day)
HOUSEHOLD GOODS
Performance of SR Industrial Engineering Index Open 1,512.08 Turnover 52,947 P/E (x) 8.00
Open
High Low 1,514.49 1,488.85 Total cos Defaulter cos P/BV (x) ROE (%) 9.98 30.30
0.74 13.04 14.00 13.00 14.00 0.96 4.37 42.98 43.00 43.00 43.00 0.02 0.82 9.70 10.35 9.75 10.10 0.40 3.97 3.55 3.19 3.26 -0.71 3.38 20.95 20.95 20.95 20.95 0.00 6.18 30.03 30.00 29.71 29.99 -0.04 - 10.90 11.90 9.90 11.50 0.60 2.62 78.02 78.90 77.55 78.25 0.23 3.29 57.61 58.90 57.25 58.80 1.19 0.34 5.49 5.60 5.48 5.51 0.02 8.04 67.60 68.00 64.42 66.20 -1.40 15.99 42.99 42.95 42.15 42.85 -0.14 21.86 2000.00 1990.00 1955.01 1990.00 -10.00 2.64 19.48 18.60 18.48 18.48 -1.00 - 12.99 13.75 12.90 13.24 0.25 0.47 5.70 5.89 5.70 5.75 0.05 6.30 36.09 36.00 34.29 34.32 -1.77 2.08 2.10 2.06 2.06 -0.02 0.27 3.89 3.10 3.10 3.10 -0.79 3.20 2.70 2.70 2.70 -0.50 16.38 11.25 11.35 10.33 11.30 0.05 7.00 6.20 6.20 6.20 -0.80
CONSTRUCTION AND MATERIALS High Low 981.52 954.33 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 7.10
1650 72.99 3413 195.80 501 19.88 285 122.51 4395 2.08 500 26.70 258641 6.09 6191 12.98 1846 258.00 12045 87.00 2748 27.58
% Change 0.28 5-Day High 1,104.80 5-Day Low 1,094.58
RSI (14-day)
Performance of SR Household Goods Index
Performance of SR Construction and Materials Index Open 959.46 Turnover 7,534,539 P/E (x) 6.69
66.70 65.75 65.92 -0.73 155.00 152.70 154.49 0.47 17.75 17.75 17.75 -0.99 106.49 105.99 106.00 1.00 1.49 1.40 1.47 0.00 21.90 21.90 21.90 0.40 5.67 5.26 5.36 0.03 11.70 11.50 11.50 0.17 235.10 232.00 234.58 1.52 74.99 72.02 72.98 -0.51 19.30 17.92 19.15 0.23
Open 1,506.47 Turnover 274,414 P/E (x) 32.94
2010 Div BR (%) (%)
Crescent Steel Dost Steels Ltd Huffaz Pipe
-
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 922.83 899.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.94 33.10
40 15
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 902.09 Turnover 105,444 P/E (x) 2.85
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,206.83 1,187.00 Total cos Defaulter cos P/BV (x) ROE (%) 2.63 35.00
30
IGI Investment Bank Ltd
% Change 0.97 5-Day High 754.55 5-Day Low 737.87
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,191.98 Turnover 44,083,515 P/E (x) 7.51
2009 Div BR (%) (%)
Alert ! Unusual Movements
Open 871.73 Turnover 51,999 P/E (x) 6.81 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak XD Wyeth Pak
Paid up Cap(mn) 979 250 1707 165 200 306 142
PE
Open
8.59 97.88 6.65 89.00 12.52 70.01 6.93 23.81 6.65 8.50 5.65 62.60 94.30 814.60
High
High Low 880.62 865.47 Total cos Defaulter cos P/BV (x) ROE (%) 1.52 22.31 Low
Close Chg
98.62 97.50 98.00 0.12 89.24 88.00 88.01 -0.99 70.50 69.52 69.60 -0.41 25.00 24.00 25.00 1.19 8.60 7.76 8.25 -0.25 63.00 62.16 62.85 0.25 855.33 816.00 819.45 4.85
Close 870.08 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 6236 1734 13610 12453 1054 15806 1060
Change -1.65 Market cap 28,904.65 mn Div Yield (%) 6.54
Last 60 days High Low 104.00 124.00 80.00 25.79 9.00 64.50 997.00
77.00 83.00 65.00 22.10 6.10 53.36 761.00
2009 Div BR (%) (%) 120 10 50 25 15 -
20B 15B -
% Change -0.19 5-Day High 881.55 5-Day Low 865.11 2010 Div BR (%) (%) 20 30 -
20B -
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
36.95
Total Assets (Rs in mn)
30,869.51
MA (10-day)
1.80
Total Equity (Rs in mn)
2,482.06
MA (100-day)
2.02
Revenue (Rs in mn)
3,387.93
MA (200-day)
2.43
Interest Expense
1st Support
1.50
Loss after Taxation
2nd Support
1.40
EPS 09 (Rs)
1st Resistance
1.75
Book value / share (Rs)
2nd Resistance
1.90
PE 10 E (x)
Pivot
1.65
PBV (x)
3,189.33 (1,703.11) (3.405) 4.96 0.32
ATBL closed down -0.16 at 1.60. Volume was 233 per cent above average (trending) and Bollinger Bands were 61 per cent wider than normal. The company's loss after taxation stood at Rs1.316 billion which translates into a Loss Per Share of Rs2.63 for the nine months of current calendar year (9MCY10). ATBL is currently 34.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ATBL (mildly bullish). Trend forecasting oscillators are currently bearish on ATBL.
Royal Bank of Scotland Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
44.05
Total Assets (Rs in mn)
MA (10-day)
6.67
Total Equity (Rs in mn)
MA (100-day)
9.02
Revenue (Rs in mn)
MA (200-day)
12.39
93,437.66 6,936.51 11,583.40
Interest Expense
6,385.85
1st Support
5.91
Loss after Taxation
2nd Support
5.66
EPS 09 (Rs)
(1,338.05)
1st Resistance
6.50
Book value / share (Rs)
2nd Resistance
6.84
PE 10 E (x)
Pivot
6.25
PBV (x)
(0.80) 4.04 1.53
RBS closed down -0.36 at 6.19. Volume was 612 per cent above average (trending) and Bollinger Bands were 34 per cent narrower than normal. The company's loss after taxation stood at Rs1.815 billion which translates into a Loss Per Share of Rs1.11 for the nine months of current calendar year (9MCY10). RBS is currently 50.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of RBS at a relatively equal pace. Trend forecasting oscillators are currently bullish on RBS.
BOOK CLOSURES Company
From
To
TeleCard Punjab Oil Mills Jahangir Siddiqui & Co 1st Punjab Modaraba Biafo Industries Amtex Limited Karachi Electric Supply Corp. East West Life Assurance Nestle Pakistan Fauji Fertilizer Co Thal Limited Sui Northern Gas Pipelines Sui Southern Gas Pipelines Fazal Cloth Mills East West Insurance Co MCB Bank Dawood Hercules Chemicals Engro Corporation (Standalone) Fauji Fertilizer Bin Qasim
06-Nov 09-Nov 09-Nov 09-Nov 10-Nov 12-Nov 15-Nov 15-Nov 16-Nov 21-Nov 23-Nov 24-Nov 24-Nov 26-Nov 01-Dec 03-Dec 07-Dec 07-Dec 14-Dec
12-Nov 15-Nov 23-Nov 15-Nov 16-Nov 23-Nov 28-Nov 23-Nov 22-Nov 27-Nov 30-Nov 30-Nov 30-Nov 03-Dec 07-Dec 10-Dec 13-Dec 21-Dec 20-Dec
D/B/R 1 28R 1 12.5(i) 7.80(R) 10R 250(ii) 20(iii) 20 100(SD) 10(B) 30(iii) 20(ii) 20(ii) 12.5(iii)
Spot AGM/Date 29-Oct 29-Oct 01-Nov 01-Nov 04-Nov 04-Nov 05-Nov -
12-Nov 12-Oct 24-Nov 15-Nov 23-Nov 30-Nov 30-Nov 30-Nov 29-Nov -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
Pakistan Cables 50.97 TRG Pakistan Ltd. 4.17 Murree BreweryXDXB 72.9 Shezan Internat.XD 92 Grays of Cambr.XD 46.98 Lakson Tobacco 321.08 Pak Tobacco 112.64 Shifa Int.Hospitals 26.07 Eye Television 20.5 P.I.A.C.(A) 2.31 AKD Capital 56.96 Pace (Pak) Ltd. 2.81 Netsol Technol.XD 18.68 Pak Telephone 2.1
High 51.1 4.23 74 96.6 47.2 332.5 112.6 27.37 20.5 2.39 59.8 2.9 18.95 2.15
Low Close 51 4.06 72 91 45.1 306.75 112.6 26 20 2.23 58 2.78 18.62 2.1
51 4.16 72.19 91.11 46.26 326 112.6 26 20.11 2.26 59.8 2.82 18.75 2.12
Change 0.03 -0.01 -0.71 -0.89 -0.72 4.92 -0.04 -0.07 -0.39 -0.05 2.84 0.01 0.07 0.02
Vol 424 1594811 1339 101 189 2435 140 1795 1200 53044 5324 459058 263687 201
7
Friday, November 5, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,109.83 Turnover 1,519,514 P/E (x) 6.00 Paid up Cap(mn)
Company
Pak Datacom XD Pakistan Telecomm Co A TelecardSPOT WorldCall Tele Wateen Telecom Ltd
PE
78 4.93 37740 12.67 3000 0.71 8606 6175 -
Open
High Low 1,126.87 1,096.49 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84
High
79.58 18.89 2.34 2.45 3.44
Low
80.00 19.10 2.45 2.60 3.67
78.00 18.65 2.33 2.44 3.41
Close Chg 79.90 19.01 2.37 2.46 3.51
0.32 0.12 0.03 0.01 0.07
Close 1,116.96 Listed cap 50,077.79 mn Payout (%) 62.56
Change 7.13 Market cap 77,365.56 mn Div Yield (%) 10.42
Last 60 days High Low
Volume 603 515889 226448 776574 111697
120.61 19.76 2.77 2.98 5.00
78.00 17.32 1.80 2.30 3.37
% Change 0.64 5-Day High 1,116.96 5-Day Low 1,079.19
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
-
Central Insurance XB
279
6.14
54.89
56.85
53.00
54.00 -0.89
774
61.39
47.37
20
25B
10
Century Insurance
457
6.99
11.25
11.19
11.00
11.19 -0.06
801
11.99
9.42
-
-
-
-
Crescent Star Insurance
121
-
3.51
3.75
3.75
3.75 0.24
2500
7.90
3.15
-
-
-
-
1250
-
43.37
45.40
41.50
44.63 1.26
134815
49.14
34.76
40
8.7B
-
-
400
2.66
11.40
11.65
11.15
11.16 -0.24
3100
12.75
10.04
35
-
-
-
EFU General Ins. XB Habib Insurance IGI Insurance
718 15.91
84.50
85.78
82.90
85.78 1.28
101
86.69
66.02
35
-
10
20B
New Jub Insurance
791 15.23
57.25
57.49
54.39
56.50 -0.75
3013
60.50
52.21
30
20B
-
-
3000 39.38
14.36
15.36
14.39
15.36 1.00
1346733
16.90
12.50
30
-
-
Pak Reinsurance
350
-
3.01
3.19
2.85
3.12 0.11
1189
4.16
1.66
-
-
-
-
303
4.98
9.30
9.47
9.00
9.21 -0.09
1637
9.91
8.00
20
15B
-
-
-
Reliance Insurance XB
252
3.87
6.99
6.35
6.30
6.30 -0.69
5000
7.70
6.05
200
-
13.80
13.50
13.50
13.50 -0.30
1000
15.59
11.51
Silver Star Insurance
253
4.17
6.74
7.00
6.71
6.71 -0.03
812
8.49
6.00
ELECTRICITY
Paid up Cap(mn)
Company
High Low 1,174.08 1,152.94 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35
PE
Open
High
Low
Genertech 198 Hub Power 11572 6.14 Japan Power 1560 KESC 7932 Kohinoor Power 126 2.74 Kot Addu Power XD 8803 4.80 Nishat Chunian Power Ltd3673 3.02 Nishat Power Ltd 3541 23.94 Sitara Energy Ltd XD 191 3.47 Southern Electric 1367 Tri-star Power XD 150 -
0.98 33.44 1.55 2.12 4.80 39.51 13.14 14.35 18.55 2.16 1.05
1.00 33.64 1.60 2.19 4.50 39.75 14.06 15.12 18.75 2.24 1.04
0.80 33.26 1.55 2.07 4.50 39.50 13.10 14.25 18.26 2.12 0.95
Change 5.58 Market cap 96,532.09 mn Div Yield (%) 8.42
Volume
Last 60 days High Low
2009 Div BR (%) (%)
0.85 33.54 1.60 2.15 4.50 39.54 13.77 14.84 18.60 2.13 0.96
13020 524883 29502 573833 16600 29235 1330870 3819250 82696 52011 1411
1.45 37.24 2.25 2.50 6.70 42.95 14.85 16.10 23.49 2.90 1.75
33.5 64.5 20 3
0.51 32.75 0.70 1.92 3.90 38.35 9.50 9.25 18.26 2.05 0.33
Open 841.00 Turnover 45,447 P/E (x) 91.56
% Change 0.48 5-Day High 1,172.05 5-Day Low 1,159.67 2010 Div BR (%) (%)
31R -
50 - 7.8R 50 20 -
Company
Paid up Cap(mn)
PE
Paid up Cap(mn)
Sui North Gas Sui South GasXDXB
High Low 1,800.79 1,744.77 Total cos Defaulter cos P/BV (x) ROE (%) 1.29 11.41
Close 1,779.68 Listed cap 12,202.80 mn Payout (%) 66.79
Change 34.48 Market cap 38,325.54 mn Div Yield (%) 5.90
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 10.07 8390 3.55
32.65 23.37
33.90 24.00
32.65 23.36
33.83 1.18 23.54 0.17
1265789 448726
33.90 30.70
Paid up Cap(mn)
PE
25.00 16.00
% Change 1.98 5-Day High 1,779.68 5-Day Low 1,726.32
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
20 15
25B
1237 21.42
Close Chg
Last 60 days High Low
Volume
% Change 1.28 5-Day High 851.79 5-Day Low 827.36
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
500
6.35
18.10
19.00
18.99
18.99 0.89
648
20.45
17.10
-
-
-
850 41.40
70.74
73.00
68.11
72.87 2.13
20698
82.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 28.19
42.00
43.70
42.00
42.01 0.01
24101
45.20
34.50
10
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 374.37 Turnover 12,116,700 P/E (x) 42.80 Paid up Cap(mn)
Company
PE
Open
High
High Low 387.62 370.18 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 0.91 Low
Close Chg
Close 380.19 Listed cap 30,336.44 mn Payout (%) 99.56
Change 5.82 Market cap 26,942.93 mn Div Yield (%) 2.33
Last 60 days High Low
Volume
2009 Div BR (%) (%)
AMZ Ventures
225
1.36
0.60
0.68
0.55
0.60 0.00
1.10
0.42
-
-
-
360
3.19
16.09
16.39
16.20
16.20 0.11
245
18.78
13.00
-
-
-
20B
Arif Habib Limited XB
450 12.70
24.53
24.95
24.53
24.90 0.37
33442
40.02
24.40
15
25B
-
20B
3750 4.33 250 441 First Credit & Invest Bank Ltd 650 12.50
23.30 1.85 2.50 3.01
23.79 1.85 2.75 3.00
23.26 1.83 2.50 3.00
23.57 1.83 2.50 3.00
1607929 7000 7235 37491
30.53 2.91 3.35 4.50
20.90 1.51 1.85 2.00
-
-
30 -
-
9.80
10.70
8.80
1500
11.75
6.84
2121 14.50
2.16
2.40
2.15
2.32 0.16
2540552
2.40
1.17
-
-
-
-
3166 626
0.68
3.70 1.85
3.74 1.99
3.52 1.76
3.70 0.00 1.89 0.04
9795 27280
5.29 2.84
2.54 1.17
-
10B -
-
10B -
Jah Siddiq Co
7633
-
9.96
10.34
9.84
10.16 0.20
5476651
11.74
8.80
-243.778B 10
-
JOV and CO
508
-
3.87
4.15
3.89
3.94 0.07
541666
5.38
1.96
-
-
500
7.52
26.65
27.98
27.00
27.98 1.33
20973
40.30
24.25
150
-
-
-
1000 25.38 1000 -
6.06 4.00
6.23 4.09
5.95 3.90
6.09 0.03 3.98 -0.02
153385 8426
7.09 4.95
5.10 3.20
-
-
-
-
-
Open
High
High Low Close 1,037.41 1,013.19 1,028.73 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49 Low
Close Chg
55.95 55.12 55.90 0.60 15.40 15.18 15.29 0.12 1.80 1.55 1.60 -0.16 10.10 9.71 9.80 0.02 31.89 31.65 31.67 -0.13 3.82 3.65 3.80 0.01 10.50 9.63 10.06 0.35 3.38 3.23 3.30 0.04 16.59 15.92 16.37 0.19 103.50 101.79 103.02 0.61 20.49 19.71 20.31 0.14 2.90 2.65 2.80 0.00 2.70 2.33 2.35 -0.07 204.80 201.00 204.12 3.15 15.00 14.72 14.72 0.07 2.05 1.91 2.04 0.04 65.20 64.16 64.92 0.60 2.89 2.60 2.69 0.07 6.59 6.00 6.19 -0.36 1.94 1.87 1.88 0.04 2.70 2.58 2.64 0.01 7.90 7.45 7.90 0.27 7.00 6.61 6.79 0.19 2.95 2.71 2.82 0.02 56.80 56.01 56.51 0.38
Change 11.13 Market cap 621,594.78 mn Div Yield (%) 5.51
Last 60 days High Low
Volume
371116 57.25 462127 16.65 897527 2.84 5951159 10.19 82212 33.75 43913 4.49 7974160 10.50 10276 3.69 195263 17.00 84594 107.15 38294 23.30 111209 2.90 21002 3.22 513670 207.00 5647 15.95 41213 2.75 2723653 70.75 678180 3.25 365481 10.20 60001 2.65 399422 3.30 246790 8.00 30468 8.00 61462 3.70 383885 59.24
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.20 1.51 2.15 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
% Change 1.09 5-Day High 1,028.73 5-Day Low 1,007.50 2010 Div BR (%) (%)
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
20 - 20B - 66R 55 -63.46R 10 -
Open 70.38
High 73.89
High Low 708.79 669.81 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 5.20 Low 69.51
Close Chg 73.89 3.51
Close 704.02 Listed cap 11,111.34 mn Payout (%) 79.54
Change 20.87 Market cap 44,408.63 mn Div Yield (%) 7.04
Last 60 days High Low
Volume 1219461
81.79
63.05
2009 Div BR (%) (%) 30
% Change 3.06 5-Day High 704.02 5-Day Low 662.62 2010 Div BR (%) (%)
10B
10
-
575
JS Global Cap XD JS Investment KASB Securities
-
0.27 -0.02 0.00 -0.01
9.49 -0.31
-
2010 Div BR (%) (%)
Arif Habib Investments Arif Habib Securities Dawood Equities Escorts Bank
89748
% Change 1.55 5-Day High 380.19 5-Day Low 369.01
IGI Investment Bank
Open 683.15 Turnover 2,720,943 P/E (x) 11.29
Adamjee Insurance
Low
Change 10.79 Market cap 9,909.92 mn Div Yield (%) 3.88
Ist Cap Securities XB Ist Dawood Bank
NON LIFE INSURANCE
PE
High
Close 851.79 Listed cap 2,290.72 mn Payout (%) 355.53
First National Equity
Performance of SR Non Life Insurance Index
Paid up Cap(mn)
Open
High Low 872.53 831.68 Total cos Defaulter cos P/BV (x) ROE (%) 3.52 3.85
BANKS
Allied Bank Limited 7821 5.43 55.30 Askari Bank 6427 7.28 15.17 Atlas Bank 5001 1.76 Bank Alfalah 13492 12.56 9.78 Bank AL-Habib 7322 6.83 31.80 Bank Of Khyber 5004 5.07 3.79 Bank Of Punjab 5288 9.71 BankIslami Pak 5280 825.00 3.26 Faysal Bank 6091 5.28 16.18 Habib Bank Ltd 10019 6.43 102.41 Habib Metropolitan Bank 8732 6.21 20.17 JS Bank Ltd 6128 2.80 KASB Bank Ltd 9509 2.42 MCB Bank Ltd 7602 9.05 200.97 Meezan Bank 6983 7.79 14.65 Mybank Ltd 5304 2.00 National Bank 13455 5.67 64.32 NIB Bank 40437 2.62 Royal Bank Ltd 17180 6.55 Samba Bank 14335 1.84 Silkbank Ltd 26716 2.63 Soneri Bank 6023 7.63 Stand Chart Bank 38716 10.45 6.60 Summit Bank Ltd 5000 2.80 United Bank Ltd 12242 6.64 56.13
Company
-
Performance of SR Banks Index Open 1,017.60 Turnover 21,691,262 P/E (x) 7.35 Company
-
American Life
GAS WATER AND MULTIUTILITIES
Company
-
-
EFU Life Assurance XB
Performance of SR Gas Water and Multiutilities Index Open 1,745.19 Turnover 1,714,515 P/E (x) 11.32
-
-
Performance of SR Life Insurance Index
Close 1,165.26 Listed cap 95,369.29 mn Payout (%) 104.13
Close Chg -0.13 0.10 0.05 0.03 -0.30 0.03 0.63 0.49 0.05 -0.03 -0.09
-
-
-
-
-
Orix Leasing
821
4.35
6.00
6.14
5.65
5.91 -0.09
608182
6.45
3.66
-
Pervez Ahmed Sec
775
-
2.15
2.50
2.10
2.34 0.19
982574
2.70
1.35
-231.08R
-
-
-
-
-
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,055.74 Turnover 1,804,353 P/E (x) 16.48 Paid up Cap(mn)
Company
PE
Open
High
High Low 1,077.02 1,056.55 Total cos Defaulter cos P/BV (x) ROE (%) 0.36 2.21 Low
Close Chg
Close 1,068.08 Listed cap 29,771.58 mn Payout (%) 104.74
Change 12.34 Market cap 17,491.01 mn Div Yield (%) 9.88
Last 60 days High Low
Volume
% Change 1.17 5-Day High 1,068.08 5-Day Low 1,049.23
2009 Div BR (%) (%)
Open
HAJT SALT SSML SHCM HWQS DWAE SEPL BILF ZTL NAKI ARM DCM SPLC EXIDE SAPL ULEVER HINO PGCL KOHE RMPL DIIL MIRKS JKSM BAFS MERIT FCONM SCL KOIL FZTM SANSM NAGC BAPL AGSML ICIBL ISIL FNBM GWLC SGMLPS BIFO GUSM UPFL FEM FFLM KASBM UVIC DSML PRWM DLL TSMF GRYL SIBL SNAI ADMM TREI PHDL FDMF FIBLM SCLL AGIC ATIL KOSM LMSM MQTM RCML SLYT GATM HUSI BTL KTML AABS HAL SHJS JVDC PECO DYNO WAHN LEUL BGL STCL STPL
LIFE INSURANCE
Performance of SR Electricity Index Open 1,159.67 Turnover 6,473,340 P/E (x) 12.37
-
-14.28B 20B
Symbols
-
PICIC Ins Ltd Premier Insurance
Shaheen Insurance
UPTO 100 VOLUME
10B
High
0.5 34.5 2.7 11.5 21.5 0.42 39.3 1.69 4 15 14.5 1.49 0.63 145.04 131.9 4052.46 130 19.85 20.8 1690 12.78 59 6.21 54.58 17.8 1.35 49.15 1.56 443.39 13.9 14.75 9 6.04 0.67 75.61 6.95 3.1 3.34 45.69 5.4 1090 1.25 1.33 1.5 3 2.61 13.88 38.09 1.5 1.27 3.09 31.54 19.49 1.85 33 1.73 1.57 2.5 11.9 33.97 0.93 1 7.65 33 4.5 25 9.7 48.8 5.13 94.5 12.25 63.59 58.62 298.03 11.97 34.49 1.74 1.34 8.3 8.8
0.73 36 2.7 10.5 22 0.73 39.75 1.5 4 16 14.9 1.7 0.65 149.5 133 4079.99 123.95 19.84 21.74 1773 12.19 59 6.9 55 18.45 1.88 51.6 1.55 450 13.9 15 9.18 6.69 0.77 75.89 6.95 3.48 2.36 46.4 5.5 1050 1.49 1.49 2.05 3 1.75 14 38.95 1.49 2.25 3.9 32 19.51 2 33.51 1.84 1.96 2.8 11.5 34.49 0.93 1.1 7.51 31.35 4.49 25.88 9.9 47.99 5.4 94.5 12.75 65.7 59.8 300 11.9 34.5 1.74 1.7 9.05 8.65
Low
Close
0.73 35.99 2.7 10.5 22 0.64 39.75 1.5 4 14.53 14.5 1.5 0.65 149 127.05 4020.01 123.5 18.85 20.5 1690 11.79 56.19 5.75 54.5 17.89 1.15 46.7 1.55 421.23 13.89 14.75 8.23 5.5 0.73 72.25 6.9 3.44 2.36 43.43 5.11 1035.95 1.28 1.43 2 3 1.75 13.11 36.29 1.49 1 3.05 31.9 19.51 1.9 33.51 1.84 1.96 2.8 11.5 34.49 0.93 1.1 7.51 31.35 4.4 25.84 9.9 47.99 5.4 94.5 12.6 65.7 59.8 300 11.85 34.5 1.74 1.7 9.05 8.65
0.73 36 2.7 10.5 22 0.64 39.75 1.5 4 15.98 14.9 1.5 0.65 149.5 127.18 4050 123.5 18.9 20.5 1773 12.19 59 6.28 55 17.89 1.48 51.6 1.55 449.1 13.9 14.75 8.71 5.6 0.73 75.56 6.9 3.44 2.36 46.4 5.44 1038.36 1.28 1.43 2 3 1.75 13.84 38.9 1.49 1 3.05 31.9 19.51 1.9 33.51 1.84 1.96 2.8 11.5 34.49 0.93 1.1 7.51 31.35 4.4 25.84 9.9 47.99 5.4 94.5 12.6 65.7 59.8 300 11.85 34.5 1.74 1.7 9.05 8.65
Change
Vol
0.23 1.5 0 -1 0.5 0.22 0.45 -0.19 0 0.98 0.4 0.01 0.02 4.46 -4.72 -2.46 -6.5 -0.95 -0.3 83 -0.59 0 0.07 0.42 0.09 0.13 2.45 -0.01 5.71 0 0 -0.29 -0.44 0.06 -0.05 -0.05 0.34 -0.98 0.71 0.04 -51.64 0.03 0.1 0.5 0 -0.86 -0.04 0.81 -0.01 -0.27 -0.04 0.36 0.02 0.05 0.51 0.11 0.39 0.3 -0.4 0.52 0 0.1 -0.14 -1.65 -0.1 0.84 0.2 -0.81 0.27 0 0.35 2.11 1.18 1.97 -0.12 0.01 0 0.36 0.75 -0.15
100 100 100 100 100 100 100 97 59 53 51 51 50 48 46 45 32 32 29 26 26 23 22 21 20 17 17 15 14 14 13 13 12 11 11 10 10 9 7 6 6 5 5 5 5 5 5 5 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
Low
Close
NML-NOV
51.26
52.3
50.4
52.15
0.89
893000
DGKC-NOV
27.02
High 28.1
26.66
27.86
Change 0.84
663500
248.5
4.17
Vol
POL-NOV
243.4
243.05
247.57
2010 Div BR (%) (%)
NBP-NOV
64.76
65.5
64.6
65.29
0.53
189500
AICL-NOV
70.71
74.24
70.15
74.24
3.53
149000
207000
PSO-NOV
273.53
278.79
273.2
277.89
4.36
148500
AL-Meezan Mutual F. XD 1375
5.25
6.20
6.40
6.25
6.30 0.10
516063
7.20
5.85
-
-
18.5
-
ANL-NOV
10.37
10.99
10.25
10.8
0.43
AL-Noor Modaraba XD
4.17
2.50
2.50
2.40
2.50 0.00
1901
3.44
2.10
-
-
5
-
BOP-NOV
9.87
10.5
8.97
10.19
0.32
112500
MCB-NOV
201.82
204.98
201.24
204.33
2.51
105000
FFBL-NOV
31.4
31.7
31.6
31.67
0.27
93000
LUCK-NOV
65500
210
114500
B R R Guardian Mod.
780
3.05
1.28
1.42
1.25
1.34 0.06
30145
1.67
0.90
-
-
0
-
Crescent St Mod.XD
200
1.50
0.65
0.74
0.55
0.60 -0.05
9416
1.10
0.16
-
-
1.2
-
71.94
72.8
71.25
72.26
0.32
First Capital Mutual F.
300 10.53
4.65
4.52
4.15
4.21 -0.44
287306
5.50
0.99
-
-
-
-
ENGRO-NOV 178.71
179.7
177.61
179.15
0.44
61500
Golden Arrow XD
760
1.96
2.70
2.75
2.66
2.74 0.04
8088
3.88
2.32
-
-
17
-
PPL-NOV
186.7
188.35
186.01
188.17
1.47
27500
H B L Modaraba XD
397
2.01
6.15
6.04
6.04
6.04 -0.11
1000
6.80
4.80
5
-
11
-
NCL-NOV
21.4
22
20.6
22
0.6
17500
Habib Modaraba
1008
5.26
6.15
6.15
6.09
6.10 -0.05
7300
7.44
5.56
20
-
21
-
PTC-NOV
19
19.15
18.89
19.15
0.15
17500
JS Growth Fund
3180 37.50
2.97
3.08
2.90
3.00 0.03
167779
3.70
2.65
-
-
5
-
UBL-NOV
56.5
57.8
56.5
57.15
0.65
11000
JS Value Fund
1186 10.04
2.80
2.85
2.80
2.81 0.01
32123
3.98
2.31
10
-
10
-
OGDC-NOV
154
154
153.5
154
0
7500
108.5
108
108
108
-0.5
500
Meezan Bal. Fund XD
1200
5.10
5.45
5.30
5.30
5.30 -0.15
43460
7.00
5.30
-
-
15.5
-
184
9.00
0.90
1.20
0.90
0.90 0.00
1621
2.18
0.56
-
-
-
-
Pak Prem Fund
1698 11.54
8.20
8.39
8.20
8.31 0.11
199919
9.44
7.00
-
-
18.6
-
Symbols
Open
High
Low
Close
PICIC Energy Fund
1000
1.63
5.65
5.60
5.55
5.60 -0.05
85500
5.99
4.00
-
-
10
-
PICIC Growth Fund
2835
5.49
8.47
8.59
8.40
8.56 0.09
248629
9.93
7.60
-
-
20
-
PICIC Inv Fund
-
-
10
-
ASFL NBF AZTM BCML GLOT KOHTM BHAT PASM
2.99 3.33 2.25 15.5 12 0.51 190.9 8.41
3.9 3 2.24 14.5 11 0.67 190.4 8.5
3.9 3 2.24 14.5 11 0.67 190.4 8.5
3.9 3 2.24 14.5 11 0.67 190.4 8.5
Mod Al-Mali
2841
4.60
3.99
4.05
3.91
4.05 0.06
510
4.75
3.50
Prud Modaraba 1st
872
2.05
0.99
1.00
0.86
0.90 -0.09
9901
1.20
0.70
-
-
3
-
Punjab ModarabaSPOT
340
7.62
1.56
1.75
1.55
1.60 0.04
143595
1.94
0.57
-
-
1
-
Stand Chart Modaraba
454
4.41
8.73
9.00
8.99
8.99 0.26
10000
10.99
7.75
16.5
-
17
-
FFC-NOV
ZERO VOLUME Change
Vol
0.91 -0.33 -0.01 -1 -1 0.16 -0.5 0.09
0 0 0 0 0 0 0 0
BOARD MEETINGS
Bank Alfalah Ltd
KSE 100 INDEX
Nishat Mills Ltd
Dera Ghazi Khan Cement Co Ltd
Company
Date
Time
Dewan Salman Fibre Limited Nadeem Textile Mills Limited Balochistan Glass Limited Chenab Limited Pakistan Premier Fund Limited Shadman Cotton Mills Limited The Pakistan General Insurance
05-Nov 06-Nov 08-Nov 08-Nov 08-Nov 08-Nov 08-Nov
5:00 6:30 4:00 10:00 4:00 6:30 10:00
TECHNICAL LEVELS Company Allied Bank Limited
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
66.49
Support 1
10,628.25
MA (5-day)
10,627.68
Support 2
10,554.35
MA (10-day)
10,649.19
Resistance 1
10,752.65
Fair Value
*Arif Habib Ltd
14
TFD Research
14.01
Positive
TFD Research
36.85
Positive
TFD Research
Technical Outlook
Pivot
10,678.75
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
60.40
59.60
25.05
25.20
24.80
Arif Habib Securities
50.66
23.30
23.00
23.80
24.05
23.55
Adamjee Insurance
59.41
70.95
68.05
75.35
76.80
72.45
Askari Bank
51.18
15.20
15.05
15.40
15.50
15.30
11.00
11.25
10.65
Azgard Nine
51.75
10.35
10.00
59.97
Buy
Attock Petroleum
39.40
295.80
292.40
301.30 303.40 297.90
Positive
Attock Refinery
82.85
110.65
106.75
116.55 118.60 112.70
Bank Alfalah
64.05
9.65
9.50
BankIslami Pak
52.84
3.20
3.15
3.35
3.45
3.30
Bank Of Punjab
74.38
9.60
9.20
10.50
10.95
10.05
Dewan Cement
43.13
1.40
1.35
1.55
1.65
1.50
DGKCement
60.24
27.00
26.35
28.15
28.60
27.45
Dewan Salman
50.99
1.50
1.45
1.60
1.65
Dost Steels Ltd
Leverage Position
57.95 51.94 47.42 51.24
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 9,108.19 155.23 51.24
* Target price for Dec-10 & **Net Open Interest in future market
10.05
10.25
9.85
1.55
58.27
2.70
2.55
2.90
3.00
2.75
EFU General Insurance 59.72
42.30
39.95
46.20
47.75
43.85
EFU Life Assurance
57.23
69.65
66.45
74.55
76.20
71.35
Engro Chemical
177.20
176.20
16.00
15.60
4.70
4.65
4.85
4.95
4.80
displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is relatively normal as compared to the
Fauji Fert Bin
69.37
31.25
31.05
31.70
31.95
31.50
volatility over the last 10 trading sessions. Volume indicators reflect very the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators
Fauji Fertilizer
53.03
107.40
106.75
108.55 109.05 107.90
Habib Bank Ltd
59.03
102.05
101.05
103.75 104.50 102.75
Hub Power
46.78
33.30
33.10
ICI Pakistan
66.34
127.85
124.70
133.30 135.60 130.15
Indus Motors
58.29
232.70
230.80
235.80 237.00 233.90
JOV and CO
62.23
3.85
3.75
4.10
4.25
Japan Power
52.13
1.60
1.55
1.70
1.75
JS Bank Ltd
67.37
2.65
2.55
2.90
3.05
2.80
Kot Addu Power
40.31
39.45
39.35
39.70
39.85
39.60
KESC
51.91
2.10
2.00
2.20
2.25
2.15
Lucky Cement
52.25
71.15
70.10
73.15
74.05
72.05
MCB Bank Ltd
59.92
201.80
199.50
Maple Leaf Cement
47.64
2.80
2.70
2.95
3.05
2.85
National Bank
48.74
64.30
63.70
65.35
65.80
64.75
Nishat (Chunian)
65.06
21.05
20.15
22.30
22.75
21.45
Netsol Technologies
51.51
18.60
18.45
18.90
19.10
18.75
NIB Bank
44.09
2.55
2.45
2.85
3.00
Nimir Ind.Chemical
44.14
1.35
1.30
1.45
1.50
1.40
Nishat Mills
57.95
50.70
49.60
52.45
53.10
51.35
Oil & Gas Dev XD
68.60
154.05
153.00
PACE (Pakistan) Ltd
45.08
2.75
2.70
2.90
2.95
2.85
Pervez Ahmed Sec
65.93
2.10
1.90
2.50
2.70
2.30
PIAC(A)
51.55
2.20
2.15
2.35
2.45
2.30
Pioneer Cement
39.98
7.20
6.90
7.90
8.35
7.65
Pak Oilfields
57.55
243.00
239.65
248.85 251.35 245.50
Pak Petroleum
51.57
185.75
184.25
188.15 189.00 186.60
Pak Suzuki
42.81
71.65
70.35
PSO XD
59.06
273.55
270.45
PTCLA
51.52
18.75
18.45
Shell Pakistan
57.99
191.30
188.15
Sui North Gas
66.01
33.00
32.20
34.25
34.70
33.45
Sitara Peroxide
74.38
13.00
12.85
13.40
13.65
13.25
Sui South Gas
38.63
23.25
23.00
23.90
24.25
23.65
Telecard
51.59
2.30
2.25
2.45
2.50
2.40
TRG Pakistan
53.11
4.05
4.00
4.25
4.30
4.15
United Bank Ltd
64.87
56.10
55.65
56.85
57.25
WorldCall Tele
41.39
2.40
2.35
2.55
2.65
2.50
Jah Siddiq Co
44.21
9.90
9.60
10.40
10.60
10.10
strong flows of volume into BAFL (bullish). Trend forecasting oscillators are reflect moderate flows of volume into DGKC (mildly bullish). Trend fore- reflect moderate flows of volume into NML (mildly bullish). Trend forecastcurrently bullish on BAFL.
Brokerage House
Positive
TFD Research
casting oscillators are currently bullish on DGKC.
Rs Recommendations
261
Buy
*Arif Habib Ltd
296.6
Buy
AKD Securities Ltd
Positive
TFD Research
Brokerage House
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
57.55 243.33 229.31 231.43
Brokerage House
107.94 26,586.97 127.88 244.57
* Target price for Dec-10 & **Net Open Interest in future market
Rs Recommendations
Rs Recommendations
396
Buy
AKD Securities Ltd
76
Accumulate
276.6
Neutral
TFD Research
88
Positive
360.05
Positive
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Fair Value
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Adamjee Insurance Co Ltd
Pakistan State Oil Co Ltd
Fair Value
281.35
ing oscillators are currently bullish on NML.
59.06 268.96 264.97 282.70
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
74.05 20,489.70 91.78 274.76
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
59.41 71.31 75.70 93.50
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
74.22 5,484.32 14.47 71.92
* Target price for Dec-10 & **Net Open Interest in future market
NBP closed up 0.60 at 64.92. Volume was 20 per cent above average and POL closed up 4.53 at 246.32. Volume was 51 per cent above average PSO closed up 4.58 at 276.70. Volume was 125 per cent above average AICL closed up 3.51 at 73.89. Volume was 164 per cent above average and Bollinger Bands were 2 per cent narrower than normal.
and Bollinger Bands were 27 per cent narrower than normal.
(trending) and Bollinger Bands were 21 per cent narrower than normal.
NBP is currently 2.5 per cent below its 200-day moving average and is dis- POL is currently 6.4 per cent above its 200-day moving average and is dis- PSO is currently 2.1 per cent below its 200-day moving average and is dis- AICL is currently 21.0 per cent below its 200-day moving average and is playing a downward trend. Volatility is extremely high when compared to playing a downward trend. Volatility is high as compared to the average playing a downward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modreflect volume flowing into and out of NBP at a relatively equal pace. Trend erate flows of volume into POL (mildly bullish). Trend forecasting oscilla- reflect volume flowing into and out of PSO at a relatively equal pace. Trend erate flows of volume into AICL (mildly bullish). Trend forecasting oscillaforecasting oscillators are currently bearish on NBP.
60.10
24.35
43.28
92.3
Bollinger Bands were 24 per cent narrower than normal.
58.85
24.65
Buy
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
59.30
37.08
75.16
AKD Securities Ltd
* Target price for Dec-10 & **Net Open Interest in future market
182.55 5,047.50 39.03 27.29
38.51
Arif Habib Limited
54.86
Neutral
318.37 20,668.38 69.04 64.55
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
* Target price for Dec-10 & **Net Open Interest in future market
Pakistan Oilfields Ltd
Leverage Position
60.24 27.22 25.66 26.92
55.65
Attock Cement
Fauji Cement
61.96
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Pivot
Faysal Bank
*Arif Habib Ltd
48.74 66.13 65.71 71.24
674.58 6,610.87 N/A 9.85
2nd
65
Technical Outlook
Leverage Position
1st
Resistance 56.20 56.50
BAFL is currently 4.5 per cent below its 200-day moving average and is DGKC is currently 2.7 per cent above its 200-day moving average and is NML is currently 1.1 per cent above its 200-day moving average and is dis-
Buy
Technical Analysis
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
* Target price for Dec-10 & **Net Open Interest in future market
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
64.05 9.59 8.90 10.26
Technical Analysis
Rs Recommendations
74.2
Technical Outlook
Leverage Position
Fair Value
BAFL closed up 0.02 at 9.80. Volume was 210 per cent above average DGKC closed up 0.88 at 27.65. Volume was 72 per cent above average NML closed up 0.91 at 51.81. Volume was 34 per cent above average and (trending) and Bollinger Bands were 6 per cent narrower than normal. and Bollinger Bands were 19 per cent narrower than normal. Bollinger Bands were 44 per cent narrower than normal.
National Bank of Pakistan
TFD Research
*Arif Habib Ltd AKD Securities Ltd
10,021.25
AKD Securities Ltd
Buy Buy
MA (200-day)
78
33 43.29
Technical Analysis
Rs Recommendations
Brokerage House
AKD Securities Ltd
10,803.15
*Arif Habib Ltd
*Arif Habib Ltd
Rs Recommendations
Accumulate
Resistance 2
Fair Value
Buy
Fair Value
10.25
10,060.26
Brokerage House
Brokerage House
AKD Securities Ltd
MA (100-day)
KSE 100 INDEX closed up 84.54 points at 10,702.19. Volume was 90 per cent above average and Bollinger Bands were 26 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 10,752.65 and 2nd resistance level at 10,803.15, while Index will continue to find its 1st support level at 10,628.25 and 2nd support level at 10,554.35. KSE 100 INDEX is currently 6.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
Rs Recommendations
RSI 1st 2nd (14-day) Support 63.14 55.35 54.85
tors are currently bearish on POL.
forecasting oscillators are currently bearish on PSO.
tors are currently bullish on AICL.
178.85 179.50 177.85 16.65
33.70
16.95
33.85
16.30
33.50
4.00 1.65
205.60 207.10 203.30
2.75
155.95 156.80 154.90
74.65
76.30
73.35
278.75 280.85 275.65 19.20
19.35
18.90
196.30 198.15 193.15
56.45
8
Friday, November 4, 2010
New UK bank poaches Northern Rock CEO
Moot on Islamic banking awareness held
AIBP, EGIBL merge to make Al Baraka Bank Staff Reporter KARACHI: Al Baraka Islamic Bank Pakistan (AIBP) and Emirates Global lslamic Bank Limited (EGIBL) have successfully merged their operations under the name of Al Baraka Bank (Pakistan) Limited (ABPL). The Head office will be located in Karachi. ABPL will have assets in excess of Rs50 billion, a workforce of 1400 professionals and a network of 89 branches in 36 cities and towns across the country. ABPL will commence operations from close of business on October 29 and subsequently all branches of Emirates Global lslamic Bank will be re-branded as ABPL. The merger, a first in the lslamic banking sector in Pakistan, positions ABPL to play an important role in further growing an industry
which has witnessed tremendous growth over the last 5 years. Substantial capital resources, combined with a nationwide branch network will enable ABPL to provide a full range of lslamic banking services, supported by the experience and expertise of the parent company, ABG. The operations of AIBP date back to 1991, and at the time of merging its operations, it had 29 branches across Pakistan, an asset base of Rs. 31 billion and profit before tax of Rs.168 million. Emirates Global lslamic Bank began its operations in Pakistan in 2007 with principal shareholders being Emirates lnvestment Group (through Emirates Financial Holding Company) and Al Rajhi Investment Group (through Mal Al Khaleej lnvestment Company). At the time of merger, EGlB had a 60 branch network located in 31 cities and towns throughout
the country. AIB is a subsidiary banking unit of ABG, a Bahrain Joint Stock Company listed on Bahrain and Nasdaq Dubai stock exchanges. It is a leading international lslamic bank with Standard & Poor's long and short-term credit ratings of BBB- and A- 3 respectively and offers retail, corporate and investment banking, and treasury services strictly in accordance with the principles of lslamic Shariah. The authorized capital of ABG is $1.5 billion, asset base is $15 billion and total equity is $1.7 billion. The group is present in Jordan, Bahrain, Algeria, Sudan, South Africa, Lebanon, Tunisia, Egypt, Turkey, and Syria, with a representative office in Indonesia. The total number of branches of the Al Baraka Banking Croup, including Pakistan, will exceed 360 branches.
Banks start issuing Rs5-10 fresh bills
LONDON: People pass by a branch of LloydsTSB bank in north London.-Reuters
BoK to get Rs3bn for meeting MCR target PESHAWAR: The federal government has agreed to release an amount of Rs3 billion to the government of Khyber Pakhtunkhwa (KP) for meeting the minimum capital requirement (MCR) of the Bank of Khyber (BoK). This was stated by Managing Director (MD), Bank of Khyber, Bilal Mustafa while talking to APP here on Thursday. The amount will not only help meet the MCR target, but also increase the stake of the provincial government in the bank. The State Bank of Pakistan (SBP) has fixed the limit of MCR for all commercial banks
in the country. According to targets set by central bank, the banks are required to achieve the MCR target of Rs7 billion by December 31, 2010 and Rs8 billion by December 31, 2011. Similarly, MCR target for the years 2012 and 2013 have been fixed at Rs9 billion and Rs10 billion respectively. The Bank of Khyber is lagging behind by around Rs1.2 billion in the head of MCR for the current year. The provincial government has 51 per cent share in the bank and remaining 49 per cent is held by private share holders. For maintaining the share the provincial government is
required to pay an amount of Rs1 billion every year. However, the provincial government has declined to bear the amount due to its own financial constraints. The bank has also asked its private shareholders to pay in proportion to their shareholding which is 49 per cent. The bank has won this support after it had demanded of the federal government that like the release of an amount of f Rs10 billion to Punjab government for meeting the same requirement of the Bank of Punjab, KP should also be issued Rs3 billion to meet BoKâ&#x20AC;&#x2122;s requirement.Agencies
Crisp banknotes up for the taking KARACHI: Over 9,000 branches of commercial banks have started issuing fresh currency notes to the general public from Thursday for the forthcoming Eid-ul-Adha, a State Bank of Pakistan (SBP) statement said here. The State Bank of Pakistan Banking Services Corporation has made elaborate arrangements for the supply of adequate quantity of fresh banknotes to commercial banks, depending upon their branch network, the SBP statement added. Each of the 16 field offices of SBP-BSC have provided fresh currency notes to the designated branches of each commercial bank. These branches would be responsible for delivery of these notes in quantities commensurate to the size of their branch, as per the plan pre-
notified to the concerned office of the SBP-BSC, it said. The branches of commercial banks have been advised to issue only one packet each of banknotes of denominations Rs5 and Rs10 (per person) till the last working day before Eid-ul-Adha on production of original computerised national identity card (CNIC) along with a photocopy of it, for record to the visiting general public/account holders, said the notification. Branches, however, may also issue a maximum of five packets each of Rs5 and Rs10 denomination fresh notes to their corporate clients on receipts of request on the company's letterhead duly signed by the authorised representative, it said. With a view to redress the grievances of the general pub-
lic, the central bank has established a help desk, which may be contacted at the telephone numbers 021-32455463 and 021-32455470. Complaints may also be lodged at the following e-mail address freshnote@sbp.org.pk or with the chief spokesman for the State Bank of Pakistan, Karachi at his e-mail address syed.wasimuddin@sbp.org.pk . The SBP-BSC has put in place a mechanism for penalising the banks in case any irregularity is committed by them in the issuance of the fresh currency notes. "Penalty will be imposed on banks found in violation of the State Bank of Pakistan instructions with regard to the issuance of fresh notes to the general public on the eve of Eid-ul-Adha," the statement added.-Agencies
Old Mutual unfazed by Nedbank deal failure LONDON: Insurer Old Mutual on Thursday reported betterthan-expected sales and said plans to streamline the company were on track despite a failed attempt to sell banking subsidiary Nedbank to HSBC. Old Mutual CEO Julian Roberts said HSBC's surprise withdrawal last month from the deal, seen as a key plank of Old Mutual's overhaul, was "a shock to everybody," but would not derail the three-year restructuring effort. "Right now we're thinking of what is the appropriate option for us moving forward. We're not in any rush to do anything," he told reporters on a conference call. Old Mutual, an Anglo-South African financial conglomerate with operations in over 30 countries, had intended to sell its majority stake in South Africa's Nedbank as part of a strategy to See # 5 Page 11
Modarbas, leasing cos form new association Staff Reporter KARACHI: A new Association by the name of "NBFI & Modaraba Association of Pakistan" has been established in the financial sector by the members of Modaraba Association of Pakistan (MAP) and Leasing Association of Pakistan (LAP) which are voluntarily winding up. According to a press release issued here Thursday, the chairman of the association Mohammad Khalid Ali, said that this step has been taken to comply with the requirements of the amended trade association laws. The Association will provide a bigger platform to its members to play an active role in the development of non-banking and modaraba sector and make a strong and active representative body of both the sectors, the statement added. Earlier, the Annual General meeting of Modaraba Association of Pakistan (MAP) and Leasing Association of Pakistan (LAP) was held to approve their respective annual accounts and to pass special resolutions in connection with appointment of liquidators and auditors for preparing windingup of accounts.
Sindh Bank on launchpad Staff Reporter KARACHI: The first meeting of the Board of Directors of Sindh Bank was held here under the Chairmanship of Ghulam Ali Shah Pasha, Acting Chief Secretary Sindh who is also the chairman of the Board of Directors of Sindh Bank. Welcoming the Board members, the Secretary Finance Department Sindh, Siddique Memon outlined the objectives and need for establishing this bank and said that this bank aims at improving the economy of the Sindh in particular and of country in general by introducing quality banking products services specially designed to cater for the needs of small entrepreneurs and farmers in order to equip them with much needed microfinance for their small
business /investments, in addition the Bank will also provide normal banking services, he added. The Secretary further elaborated that this Bank is being set up with a paidup capital of Rs10 Billion and is being establish in the memory of Shaheed Mohtarma Benazir Bhutto who was also the first lady prime minister of Muslim world. He also said that the establishment of the said bank is a commendable achievement of the present government and further that Bilal Sheikh has been appointed by Government of Sindh as the bank's first President/CEO who has vast banking experience of four decades and has remained President/CEO of various financial institutions of the country. The Secretary, Finance also
informed that the bank will, by the year end, establish five branches initially viz three in Karachi, one in Hyderabad and one at Naudero. Chief Secretary Sindh, Ghulam Ali Pasha speaking on the occasion congratulated the Board members and stated that the NOC for the said Bank has been issued by SBP and the Bank has also been incorporated with Securities and Exchange Commission of Pakistan. He also said that bank is being set up on the desire of the President of Pakistan and further stated that the said bank will open 50 branches in the country by the end of year 2011 with one branch in every district of Sindh Province and one each in every province of Pakistan. Pasha also pointed out that Sindh Bank will also provide
affective services in flood relief activities also in collaboration with nation building departments; while the President and Chief Executive of Sindh Bank Bilal Sheikh assured the participants of the meeting that he and other officials of the bank will provide every facility and assistance to bank customers in order to help them in achieving their objective through micro financing so that their socioeconomic progress is uplifted. The meeting was attended amongst others by Mohammad Ishaq Lashari, Additional Chief Secretary (Dev.) Planning & Development Department who is also Director of the bank, Javed Mehmood Director and by other senior officials of Finance Department, Government of Sindh.
BEIJING: A man gestures as he walks past a Citibank branch located in the financial district .-Reuters
9
Friday, November 5, 2010
Oil tops $86 as Fed stimulus hits dollar
European vegetable oil prices
Fed to buy $600bn in treasuries until mid-2011 NEW YORK: Oil surged to top a fresh-six month high over $86 a barrel on Thursday as the US Federal Reserve's new monetary stimulus plan to aid the flagging economy spurred investors risk appetite. "The Fed stimulus will continue to draw investors/traders to oil as well as most other raw materials in response to the weak dollar and fears of inflation starting to materialize down the road," said Dominick Chirichella, senior partner at E n e r g y Management Institute in New York US crude for December delivery shot up to an early high of $86.68 a barrel, the highest since May 3. By 1610 GMT, it traded up $1.65, or 2 per cent, to $86.34. ICE December Brent rose $1.55, or 1.8 per cent, to $87.93.
a bullish target of $87.04, with support at $84, according to Reuters analyst Wang Tao. Wide anticipation of the Fed's fresh stimulus in October drove oil prices out of the previous $70-$80 a barrel range. Top oil exporter Saudi Arabia earlier this week shifted its price range up to $70-$90
Tokyo rubber at 2-yr high on supply woes
NY cotton hits record high for third day
BANGKOK: Tokyo rubber futures jumped 4 per cent on Thursday to a 2-year high on heavy speculative buying supported by supply concerns and Federal Reserve measures to boost the US economy, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery rose 13.1 yen from Tuesday, or 4 per cent to settle at 345.0 yen ($4.27) per kg. It rose as high as 345.5 yen, the highest since 2008. TOCOM rubber market was closed on Wednesday for a Japanese public holiday. "Players started buying after seeing Shanghai rubber futures rose to the new record high and TOCOM prices were likely to rise further on supply concerns as floods hit producing countries," one dealer said. The most active Shanghai rubber futures contract for May delivery rose 1,485 yuan to settle at 34,130 yuan ($5,113) per tonnes. It rose as high as 34,150 yuan per tonne, the record high in reaction to the Federal Reserve's latest measures. -Reuters
US front-month crude oil has gained 12.7 per cent since Aug. 27, when Federal Reserve Chairman Ben Bernanke signaled that plans were afoot for another round of quantitative easing. Correlating inversely, the US dollar's value against a basket of currencies has fallen 6.5 per cent in that period. Technical indicators point to
NEW YORK: US cotton futures rose in heavy trading on Wednesday, finishing at a record top for the third straight day as speculative fund buying boosted prices along with strong Chinese cotton prices and tight supplies, analysts said. Bullish fundamentals lured speculative funds into cotton, up more than 75 per cent this year. That is the strongest gain so far in 2010 on the Reuters-Jefferies commodity index, far ahead of the record-setting gold market and wheat futures. The market is seen getting a further boost over the next few weeks from a decision by the US Federal Reserve to buy $600 billion of government bonds to resuscitate the flagging US economy. The ICE Futures US cotton market kept pace with a rally in cotton futures on China's Zhengzhou Commodity Exchange, but eased back from session peaks on mild profittaking. The benchmark December cotton contract rose 1.26 cents to end at $1.3552 per lb, having hit a new record high for the third straight session at $1.392 per lb.
but on Thursday, a senior Gulf source said prices between $70-$80 is still a fair price. Oil at $90 would not hold back growth in the world economy, OPEC Secretary General Abdullah al-Badri said. The comments added to indications this week that the Organization of the Petroleum Exporting Countries was unlikely to step in to quell rising prices. "It's the dollar, a function of QE2, and some post-election euphoria and the OPEC green light to $90," said Robert Yawger, senior vice president, energy futures at MF Global in New York. Many analysts said fluctuations in the dollar will remain the principal driver in the oil market, although some have warned of long-term dangers of QE2 for Asian demand growth. -Reuters
The session low was $1.3321. Under exchange rules, the daily limit will revert back to 5 cents from 6 cents on Wednesday. Business was heavy. Volume traded reached 65,781 lots, more than 150 per cent above the 30-day average at 25,663 lots, Thomson Reuters preliminary data showed. The volume on Wednesday was just below the year high of 67,885 lots set on June 10. China's benchmark May cotton contract jumped to 29,980 yuan a tonne, setting a record for a third straight day. The contract last traded at 29,715 yuan, up 1.075 yuan. The Cotlook A index cotton price, the combined average of the five cheapest cotton prices in the world plus transport, was quoted at $1.524 on Wednesday, a hefty premium of around 13 cents over New York cotton futures. Cotton rose more than 20 per cent in October and has gained over 90 per cent since the rally kicked off in July. The March cotton contract increased 2.21 cents to finish at $1.3166 per lb, having hit a lifetime peak of $1.3495. -Reuters
Fed, dollar gives copper bulls the upper hand LONDON: Copper surged to its highest in more than two years on Thursday as the dollar faltered after the US Federal Reserve took steps to boost growth in the world's largest economy by buying government bonds. Benchmark copper on the London Metal Exchange ended at a session high of $8,600 a tonne, a level not seen since July 2008 when it touched a record $8,940 a tonne. On Wednesday it closed at $8,320. The Federal Reserve on Wednesday committed to buy $600 billion in government bonds in an attempt to lower borrowing costs for consumers and business. "Asian markets rallied on this news and that's been driving base metals today. (Also) the US dollar is weaker," said Peter Fertig, analyst at Quantitative Commodity Research. He added: "I think the dollar weakness is not over for this quarter. In the coming two months we might see further gains (in metals)." Losses accelerated after the European Central Bank decided to hold interest rates steady. Prices will also be impacted
on Friday by key US monthly employment data, which will give investors a better idea of prospects for the US economic recovery, and, by implication,
Shanghai copper ends higher Benchmark third-month Shanghai copper ended near the highs of the day, to close 620 yuan higher at 64,460 yuan. for metals demand. Industrial metal markets have in recent weeks started to fret that Chinese plans to restrict energy consumption to cut emissions would hamper the country's production capability. "That is the overriding issue, I haven't heard that it is impacting copper smelters yet, but I think it will," said Fairfax analyst John Meyer said. Analysts estimate that energy accounts for about 25 per cent
of production costs of industrial metals. Three-month aluminium ended at $2,460 a tonne from $2,417 on Wednesday. Earlier it touched $2,492 a tonne, its highest since April. The metal used in transport and packaging has over the last year and a half been supported by financing deals that have tied up about 70 per cent of stock in LME warehouses. Zinc jumped nearly 5 per cent to $2,520, reversing most of the previous session's loss on plans by China's State Reserves Bureau to sell 50,000 tonnes of zinc ingots. The metal used to galvanise steel ended at $2,512 from $2,405 on Wednesday. Battery material lead ended $2,529 a tonne from $2,435 and tin at $26,500 from $25,850. Stainless steel metal nickel saw $24,450 a tonne, its highest since Oct. 15. It ended at $24,500 a tonne from $23,550 on Wednesday at the close. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for November 03 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1270
1220
October (3rd Wednesday)
1195
1160
November (3rd Wednesday)
1205
1165
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for November 03 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2255 2265 2220 2230 2155 2165 2155 2165
2401 2401.5 2433.5 2434.5 2485 2490 2528 2533
8400 2489.5 8400.5 2490 8400 2508 8405 2510 8225 2462 8235 2467 7840 2427 7850 2432
23620 23625 23705 23710 23195 23295 22310 22410
TIN
ZINC NASAAC
25750 2426 25850 2427 25850 2450 25875 2450.5 25350 2475 25400 2480 2422 2427
2276 2277 2300 2310 2300 2310 2355 2365
UIGHUR - CHINA: Farmers stack cotton at a cotton purchase station in Hami, Xinjiang Uighur Autonomous Region. -Reuters
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10 875.00, Dec10 875.00 Jan11 870.00, Feb11/Apr11 875.00+10.00, May11/Jul11 880.00+10.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 905.00+20.00, Feb11/Apr11 890.00+25.00, May11/Jul11 895.00+21.00, Aug11/Oct11 875.00+20.00, Nov11/Jan12 885.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1420.00, Apr11/Jun11 1390.00+35.00, Jul11/Sep11 1410.00+15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1330.00+20.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Nov10 1085.00+27.50, Dec10 1080.00+30.00, Jan11/Mar11 1077.50+32.50, Apr11/Jun11 1077.50+32.50. PALMOIL: RBD dlrs tonne cif Rotterdam Nov10 1105.00, Dec10 1102.50. PALMOIL: RBD dlrs tonne fob Malaysia Nov10 1060.00, Dec10 1057.50+22.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11/Mar11 1070.00+35.00, Apr11/Jun11 1072.50+35.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 1045.00+35.00, Dec10 1045.00+35.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Dec10 940.00+20.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1475.00+35.00, Nov10/Dec10 1475.00+35.00, Dec10/Jan11 1475.00+35.00, Jan11/Feb11 1475.00+40.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Nov10/Dec10 1925.00+0.00. Reuters
Sugar touches 30-yr high, coffee up
Gold gains nearly 2.7pc on Fed move
LONDON/NEW YORK: Raw sugar prices surged to a 30-year high and white sugar futures to an all-time high on Thursday, while arabicas touched a 13year top and robustas a twoyear peak with buying driven by supply worries and dollar weakness in the wake of a Federal Reserve asset-buying plan. Cocoa also rose on the weak dollar, as traders focused on Sunday's peaceful election in top producer Ivory Coast. Sugar rallied to 30-year highs this week due to tight global supplies, amid concerns over a lower-than-expected Brazilian cane crop and prospects for low stocks over the next 12 months. ICE front-month March raw sugar futures broke above 31.0 cents to 31.34 cents a lb, up 1.19 cent or 4 per cent, at 1608 GMT, having earlier touched a 30-year high of 31.68 cents. London (Liffe) white sugar futures jumped over 3 per cent to a record high of $772.50 per tonne, propelled by the weak dollar and low inventories. Dealers also voiced uncertainty over how much sugar India, the world's number 2 producer after Brazil, would allow to export amid worries over low stocks and fears about inflation. Fund buying triggered automatic buy orders in December arabica futures at $2.0350 per lb and then above the previous high at $2.0460, pushing arabicas to a high of $2.0925, the highest level for the spot contract since September 1997. December arabicas were up 8.65 cent or 4.4 per cent to $2.0480 per lb at 1620 GMT. Liffe January robustas were up $47 or 2.4 per cent to $1,979 per tonne, having earlier touched a two-year top of $2,015 per tonne, supported by concerns over continuing rainfall in top producer Vietnam. Cocoa futures rose in thin volumes, driven by the weaker dollar, as dealers focused on Sunday's peaceful election in top producer Ivory Coast. ICE second-month cocoa was up $16 or 0.6 per cent at $2,815 per tonne, while Liffe secondmonth cocoa was up $1 or 0.05 per cent to 1,853 pounds per tonne in volume of 6,408 lots. Reuters
LONDON: Gold was set for its biggest one-day rise in nearly six months on Thursday after the US Federal Reserve's pledge to pump over half a trillion dollars into the economy battered the dollar. Spot gold rose by as much as 2.7 per cent to a session high of $1,383.70 an ounce, leaving it within a few dollars of its recent record at $1,387.10. The spot
else," said RBS commodities strategist Daniel Major. "It's pretty constructive on a near-term basis, provided the market continues to trade gold very closely to moves in the currency." On the physical side of the gold market, Indian demand was strong during the week of the Dhanteras festival, which celebrates prosperity, and the
price later traded $1,376.90 an ounce at 1600 GMT, against $1,347.15 late in New York on Wednesday. US gold futures for December delivery rose $39.40 to $1,376.80. The Fed's move stripped almost 1 per cent off the value of the dollar against a basket of currencies, which triggered a rally across the precious metals. Silver climbed 3 per cent to its highest since 1980, palladium was up nearly 5 per cent to a 91/2 year peak and platinum reached its strongest since May. "The relationship between the dollar and gold remains a very strong one and the recent move post-QE is a dollar-related move more than anything
Diwali festival of light. Scrap sales also slowed to a trickle. Silver rose to a 30-year high at $25.58 an ounce, tracking gains in gold, and was later at $25.49 against $24.80. Palladium rallied to its strongest since May 2001, lifted by strength in gold and expectations its underlying fundamentals will improve as demand from automakers recovers and supply struggles to keep pace. Palladium peaked at $674 an ounce and was later at $666.47 an ounce against $643.72 late on Wednesday. Platinum rose to a near five-month high at $1,747.49 an ounce and was MUMBAI: India's spot sugar later at $1,743.74 an ounce prices rose on Thursday supported by the ongoing festival against $1,703. -Reuters demand, dealers said. "Demand was very good ahead of Diwali," said a trader at Vashi, a major trading centre. Demand for sugar usually goes up ahead of Diwali, the Hindu festival of lights. In Kolhapur, a key market in 2011 crude palm oil futures Maharashtra jumped as much as 3.3 per cent top-producing state, the most traded S-variety to 3,188 Malaysian ringgit rose 1.27 per cent to 2,697.15 ($1,034) -- the highest level rupees ($61) per 100 kg. since July 23, 2008. Market participants said the Traders say the uptrend of palm oil is still intact, and the prices were also supported by benchmark contract could the Uttar Pradesh government's reach 3,200 ringgit in the medi- decision to increase the state um term. Other vegetable oils advisory price for sugarcane by followed suit. US soyoil for 40 rupees to 205 rupees. India will allow an additional December delivery climbed 1.7 per cent to trade at more than 930,000 tonnes of sugar exports after Nov. 15, government two-year highs. The most active September sources said on Thursday, bring2011 soyoil on China's Dalian ing the total since September to Commodity Exchange closed at 1.5 million tonnes as global sup2.8 per cent higher on Thursday. plies remain tight. India is likely Malaysian financial markets to take a decision on sugar will close on Friday for Hindu exports after the second week of festival of Diwali. Trade will November, Farm Minister Sharad Pawar had earlier said. -Reuters resume on Nov. 8. -Reuters
Indian sugar up on festival demand
Palm oil at new 2-yr high on Fed move KUALA LUMPUR: Malaysian palm oil futures hit new 27-month highs on Thursday, tracking broad equity and commodity market gains after the Federal Reserve's decision to pump more money into the US economy weakened the dollar. "Palm oil's rise has nothing to do with local fundamentals. The inflation bogeyman is emerging and all the markets are going higher," said a trader in Kuala Lumpur. Another trader said palm oil investors were covering their positions before a three-day holiday in Malaysia on concerns that gains in crude oil and other commodities point to inflation. Malaysia's benchmark Jan
National Commodity Exchange Ltd Trading Summary Date
04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010 04-Nov-2010
Commodity
Contract Date
CRUDE100 DE10 CRUDE100 JA11 CRUDE100 FE11 SILVER - SL500 DE10 SILVER - SL500 JA11 GOLD 01oz DE10 GOLD 01oz JA11 GOLD 01oz FE11 GOLD 100oz DE10 GOLD 100oz JA11 GOLD 100oz FE11 GOLD NO10 GOLD DE10 GOLD JA11 Kilo GOLD NO10 Kilo GOLD DE10 Tola Gold50 NO10 Tola Gold100 NO10 Mini Gold 1-Aug Mini Gold 2-Aug Mini Gold 3-Aug Mini Gold 4-Aug Mini Gold 5-Aug TT Gold 1-Sep TT Gold 2-Sep TT Gold 3-Sep IRRI6W 04NO10 Rice IRRI - 6 NO10 RBD Palm Olein NO10 KIBOR3M 10-Dec KIBOR3M 11-Mar
Price Quotation
Open
High
Low
Close
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
84.70 85.50 83.75 24.80 24.92 1356.80 1358.20 1357.50 1356.00 1358.40 1359.40 37462.00 37350.00 37423.00 37369.00 37378.00 43597.00 43587.00 38447.00 38486.00 38499.00 38421.00 38434.00 43920.00 44224.00 44239.00 2402.00 3288.00 4508.00 86.78 86.20
86.60 87.28 87.65 25.57 25.60 1381.00 1382.50 1383.60 1379.60 1380.60 1380.60 38033.00 38042.00 38059.00 38005.00 38014.00 44328.00 44328.00 39078.00 39117.00 39130.00 39143.00 39065.00 44915.00 44960.00 44976.00 2402.00 3312.00 4617.00 86.78 86.20
83.78 84.40 83.75 24.02 24.92 1326.00 1327.00 1327.60 1328.40 1358.40 1359.40 36711.00 36781.00 37423.00 37369.00 37378.00 43597.00 43587.00 38447.00 38486.00 38499.00 38421.00 38434.00 43920.00 44224.00 44239.00 3276.00 3288.00 4508.00 86.76 85.86
86.50 87.15 87.65 25.57 25.60 1379.60 1380.60 1381.70 1379.60 1380.60 1380.60 38033.00 38042.00 38059.00 38005.00 38014.00 44328.00 44328.00 39078.00 39117.00 39130.00 39143.00 39065.00 44915.00 44960.00 44976.00 3300.00 3312.00 4617.00 86.76 85.86
Traded Volume in lots 155 77 1 395 3,483 4,587 2,323 62 24 34 2 -
Previous Settlement Price 85.28 85.94 86.44 25.15 25.17 1356.70 1357.60 1358.70 1356.70 1357.60 1358.70 37388.00 37397.00 37414.00 37361.00 37370.00 43577.00 43577.00 38426.00 38465.00 38477.00 38490.00 38413.00 44155.00 44199.00 44214.00 3276.00 3288.00 4508.00 86.78 85.87
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 86.50 79 87.15 29 87.65 1 25.57 13 25.60 1379.60 654 1380.60 706 1381.70 239 1379.60 4 1380.60 1381.70 38033.00 41 38042.00 7 38059.00 38005.00 1 38014.00 44328.00 44328.00 39078.00 39117.00 39130.00 39143.00 39065.00 44915.00 44960.00 44976.00 3300.00 3312.00 4617.00 86.76 85.86 -
Horsemen attempt to score during the Kyrgyzstan's Kok-boru competition in Bishkek
10
Friday, November 5, 2010
Sharapova feels “spoiled” after taking $250K ring Monitoring Desk KARACHI: Maria Sharapova has admitted that she feels spoiled to receive a $250,000 engagement ring from her fiancé--Los Angeles Laker Sasha Vujacic. "He completely surprised me! I'm so lucky and very much spoiled," a local magazine quoted Sharapova as saying at Ace Awards at Cipriani New York City. "It was very special and obviously a very memorable evening in my life. "It's something I'll always remember, it was very sweet," the Russia-born Grand Slam champ said. Jewellery expert Michael O'Connor said that her engagement ring appears to be a cushion-cut diamond of approximately 7 to 8 carats on a splitshank platinum band -- worth about $250,000. Vujacic did the ring shopping all on his own, Sharapova confirmed. "Thank goodness my fiancé has great taste! He did good," she said. However, the sports power couple hasn't started planning their big day. "We're taking our time. Right now we're just happy to be engaged. We're both very focused on what we do and we travel a lot. We're just happy to have each other," Sharapova added.
Peshawar to host Nat’l games in December PESHAWAR: KhyberPakhtunkhwa Sports Minister Syed Aqil Shah on Thursday announced that the National Games for this year will take place from December 25 to December 31 in Peshawar. Addressing the media in Peshawar, he said all units including the Pakistan Army have assured their participation in the games. The National Games offer 25 sports for men and seven for women. Women swimming and shooting contests will be held in Islamabad due to lack of facilities in Peshawar. Authorities had earlier decided to include 28 games in the event but hockey, football and cycling were later dropped.-APP
Junior Squash tourney starts today RAWALPINDI: The National Junior Squash Championship will commence here from Friday at the courts of Benazir Bhutto Squash Complex Rawalpindi. As many as 188 squash players, including 25 female will feature in the event that has returned to the city after a gap of 25 years, President Rawalpindi District Squash Association (RDSA) Asif Zafar Chaudhry told a news conference on Thursday. The activity, which will be held in two categories Under19 and Under-13 will also be participated by top seed national players. Asif said that squash greats Jahangeer Khan and Jansher Khan would also witness some of the contests.-APP
India 329/3; Sehwag 173, Dravid 104
Sehwag’s ton pushes India ahead AHMEDABAD: Virender Sehwag and Rahul Dravid tormented New Zealand's bowlers as they scored contrasting centuries to give India a flying start in the first test on Thursday. At close, the hosts were at 329 for three after Sehwag (173) and Dravid (104) combined in a 237-run partnership for the second wicket to build a solid platform for India. The visitors had some reprieve in the last session of the day as they picked up the wickets of Sehwag and Dravid. With Sachin Tendulkar (13 not out) and Vangipurappu Laxman (seven not out) at the crease and the likes of Suresh Raina and captain Mahendra Singh Dhoni to follow, India will aim to drive home the advantage of batting first on a pitch already offering turn and inconsistent bounce. Sehwag treated the New Zealand bowlers with disdain en
route to his 22nd test century, his knock consisting of 24 boundaries and a huge six. The swashbuckling right-hander danced down the track twice in the 90s to hoist New Zealand captain Daniel Vettori over the top of the in-field to bring up his century. Rahul Dravid (61 not out) also reached his half-century as the Indians made merry against an ordinary New Zealand attack. The visitors compounded their miserable day by dropping both batsmen, whose unbeaten partnership for the second wicket yielded 183 runs to date. Off-spinner Jeetan Patel floored a straightforward return catch off Sehwag on 144 while wicketkeeper Gareth Hopkins dropped Dravid on 28 off Jesse Ryder. Patel has had an ordinary day on the field with the ball too as the Indians seemed to take a particular liking to his off spin. He
Modi not in a mood to return LONDON: Former Indian Indian Prenier League IPL Chairman Lalit Modi has stressed at a London conference that he was not hiding, but would not consider returning to India to answer corruption charges. According to the BBC, during a rare public appearance at the International Sports Event Management Conference in London to discuss the future of Indian sport, Modi, who was accompanied by bodyguards, indicated that currently he has no intention of attending a hearing in India, and the authorities in New Delhi have shown no willingness to travel to London to speak to him, despite his apparent readiness to pay for them to do so. Talking about the future of the Indian premier League, Modi stated that by 2016 the
IPL would be the world`s most watched sporting league. He also said he would love to be part of an Indian Olympic bid and the Games will come to India in his lifetime. Privately, Modi remains determined to stay involved in cricket and predicts that the United States is the market cricket `must get into,` the report said. In September this year, the 46-year-old was suspended from all involvement in Indian cricket, and was replaced as IPL chief by Chirayu Amin. He was also stripped of his position as vice-president of the Board of Control for Cricket in India (BCCI) and also lost his job as chairman of the Champions League Twenty20, a club tournament organised jointly by India, Australia and South Africa.-Online
KARACHI: Group Photo of the Learning House School Teachers along with soccer playing girls at the occasion of anouncement of Women’s Football Team.-Staff Photo
went for 61 off the nine overs he bowled. India's only casualty of a satisfactory morning session was Gambhir for 21, when the lefthander played on to part-time medium pacer Ryder when attempting an expansive cover drive. The New Zealand pacers toiled hard on a pitch that provided them little assistance as Vettori, playing in his 100th test, was forced to introduce spin as early as the ninth. The hosts selected Shanthakumaran Sreesanth as AHMEDABAD: India's Sehwag plays a shot as New Zealand’s wicketkeeper the second paceman ahead of Hopkins watches during their first test cricket match.-Reuters Ishant Sharma, while batsman Kane Williamson and fast bowler Hamish Bennett were handed their New Zealand debuts. The second test is in Hyderabad from November 1216 while the third and final test will be played in Nagpur from GUANGZHOU: Cricket the start of the men's tourna- the United States for the develNovember 20-24.-Reuters might be a little-known sport ment when sporting heavy- opment of the sport. in China but tickets for the weights Pakistan, Sri Lanka Games organisers have built Asian Games tournament are and Bangladesh get going, a 12,000-seater cricket-specifselling fast, the Asian Cricket although India have controver- ic stadium at the Guangdong Council said Thursday. sially decided to stay away. University of Technology to Within hours of going on "It's an encouraging sign that host the tournament. sale, all tickets for the first two China's and Hong Kong's With just one ground availKARACHI: The International days Saturday November 13 matches are going to have so able, organisers opted for the and Sunday November 14, much support," Hong Kong shorter Twenty20 format to fit Cricket Council (ICC) Anti Corruption and Security Unit along with Sunday November Cricket Association General in the men's and women's Manager Danny Lai said on competitions. (ACSU) is keeping a close eye 21 sold out. The first weekend features the Asian Cricket Council Cricket was last seen at a on the Pakistan team in the major multi-sport event at the UAE following the spate of women's matches, with China website. Cricket's induction at the 1998 Commonwealth Games allegations that rocked Pakistan playing Malaysia, Japan facing cricket in the last few months. Nepal, Pakistan taking on Games came after the in Kuala Lumpur, but was According to officials, the Thailand, and Bangladesh International Cricket Council dropped for the next three ediidentified China as one of the tions in England, Australia and squad is being closely moni- against Hong Kong. The second Sunday marks major new markets along with India.-APP tored with phone records being
Cricket gaining momentum in China
ICC closely monitoring Pak team
kept which have caused cricketers to confine their contacts to their family members to avoid any potential problems. However, team manager Intikhab Alam has said that phones were not being tapped but added that the team had been thoroughly advised regarding who they should talk to. A representative of the ACSU had delivered a lecture to the players before the start of the series with South Africa and the players were made to sign a code of conduct. Alam also claimed that laptops and mobile phones were prohibited on the day of a match but these restrictions are not being imposed in the hotel or outside the stadium. Simcards issued to Pakistan players have been provided by the Pakistan Cricket Board, whose details have been given to the ICC, according to Alam. But despite the increased scrutiny by the ICC, the team manager insisted that the governing body's rules were equal for everybody and not Pakistan-specific.-Agencies
Ivanovic takes Chelsea to emphatic win LONDON: Serbia defender Branislav Ivanovic scored twice as Chelsea eased past Spartak Moscow 4-1 in Champions League Group F on Wednesday to secure their place in the knockout stages. The Londoners looked half asleep in a dire first period but were transformed after the break as Nicolas Anelka, who has now scored in all four of their wins in the competition this season, clipped in a neat opener four minutes after the restart. Didier Drogba, making his first appearance in the Champions League this season after suspension and injury, added the second with a 62ndminute penalty before Ivanovic scored with a header and a right-foot drive. Chelsea now have four wins
in four games in the group. Nikita Bazhenov replied for Spartak, who are third in the table with six points, in the 86th minute. It was all very comfortable in the end for Chelsea, with Drogba captaining the side in the absence of the rested John Terry. Their attacks were few and far between in the first half, though Anelka went close after 15 minutes with a curling shot and centre back Alex somehow bundled the ball over the bar from point-blank range following a corner. Spartak, with their own Brazilian Alex in midfield, grew in confidence but were generally kept at arm's length by the home team. Chelsea awoke from their torpor in the second half and
went ahead when Drogba flicked on a long kick from keeper Petr Cech for Anelka to exchange passes with Salomon Kalou before cleverly beating Andriy Dykan from an acute angle. The goal lifted the crowd and the players responded, doubling the lead when Yevgeny Makeyev tripped Drogba in the box and the Ivorian despatched the penalty. Four minutes later Drogba sent in a free kick for an unmarked Ivanovic to head his second goal in two games. Kalou and substitute Daniel Sturridge both missed sitters before Bazhenov pulled one back from close range. Ivanovic then rounded off the night with a thumping rightfoot shot from 10 metres.Reuters
Tiger undone by his own brilliance: Westwood SHANGHAI: Lee Westwood began life as world number one with a sparkling 66 in the WGC-HSBC Champions first round on Thursday and told Tiger Woods he could blame his own brilliance for losing the top ranking. The 37-year-old Briton, who ended Woods's 281-week reign at the summit last weekend, played through the niggling pain of ankle and calf injuries to sit just one shot behind Italian Francesco Molinari at the top of the leaderboard. Westwood, Woods, who started with a 68, Martin Kaymer and Phil Mickelson occupy the top four places in the rankings and a win for any one of them this week would guarantee the number one spot. "I think the world rankings are reflective of how competitive world golf is at the moment. Nobody is out-andout world number one," Westwood told reporters after
playing his first competitive round since last month's Dunhill L i n k s Championship. "I think that's partly to do with Tiger not having played quite so well this year and partly to do with Tiger having made everybody else elevate their game," he added. "Tiger's a victim almost of his own brilliance. We have all had to work harder and we have closed the gap, I guess." Westwood said he was still not 100 per cent fit and applies iced cold packs to his ankle every night to boost the healing process. "As the round goes on, it starts to ache and I lose control and
power a bit," he said. "I have to continually remind myself when I'm swinging out there to sort of reinforce it," he said.
"I like to go out there and just sort of free wheel and play with a clear mind and I have to sort of consciously think about
it all the time." NO PRESSURE We s t w o o d , who offset a lone bogey with seven birdies, said he did not feel under any extra pressure to defend his new position as the man to beat. "I don't think I need to reinforce why I'm world number one. I didn't really go out there (today) with any particular thought to perform like the world number one," he added. "I think you get there as a result of good performances but it's nice show everybody there is a particular reason why
I got to this stage. I think I did that today." Woods shot a solid 68 to sit three shots behind Molinari in a tie for sixth, a stroke ahead of American compatriot and defending champion Mickelson and four clear of Germany's Kaymer. Woods overcame a first-hole bogey to roar back into contention with five birdies. "It felt good today. The things that I've been working felt good. I hit a lot of good golf shots," Woods said. "I got to number one in the world by winning golf tournaments and I've had that sustainability for a number of years by doing that. The whole idea is to win golf tournaments and this is no different. The reason why we tee it up is to win." One shot behind Westwood were Sweden's Henrik Stenson, Japan's Yuta Ikeda and South Korean Noh Seungyul.-Reuters
Emerging market policymakers vow to combat Fedâ&#x20AC;&#x2122;s QE2 B E I J I N G / I S TA N B U L : Policymakers from the world's new economic powerhouses in Latin America and Asia said they would consider fresh steps to curb capital inflows after the US Federal Reserve announced it would print billions of dollars to rescue its economy. Emerging economies on Thursday criticised the Fed's move, which threatens to boost their currencies against the dollar and makes any substantive deal on cutting global economic imbalances at next week's Group of 20 meeting in Seoul less likely. "As long as the world exercises no restraint in issuing global currencies such as the dollar -- and this is not easy -then the occurrence of another crisis is inevitable, as quite a few wise Westerners lament," Xia Bin, an adviser to China's central bank, wrote in a newspaper managed by the bank. Misgivings about US policy were also expressed in the developed world. Germany's Economy Minister Rainer Bruederle said he was concerned the United States was trying to stimulate growth by injecting liquidity into its economy. Bruederle said there was some truth to the criticism that the United States was influencing the dollar's exchange rate with its monetary policies. He also said he was worried about increased protectionism in different forms around the world. In South Korea, the Ministry of Finance and Strategy said it would "aggressively" consider controls on capital flows, while Brazil's Foreign Trade Secretary said the Fed's move
could cause "retaliatory measures". Economy Minister Ali Babacan of Turkey, where the central bank has been buying increasing amounts of foreign exchange in an effort to curb appreciation of the lira against the dollar, said the Fed's policy might backfire. "The Fed move was a measure taken in a desperate environment. It should be considered whether pumping this much money into the market can create more damage than benefit," he said. Thailand raised the possibility of concerted action to combat the flood of investment dollars that are expected to wash into emerging markets. "The central bank governor has confirmed discussions with central banks of neighbouring countries, which are ready to impose measures together if needed to curb possible speculative money flowing into the region," Finance Minister Korn Chatikavanij told reporters. A senior Indian finance official, who spoke on condition of anonymity, said that while the United States had a right to stimulate its own economy, other countries would also pursue their own interests and any deal on currencies in Seoul had to be a "win for both the blocs". "And that begs a political solution and that's why we are all looking to Seoul," he said. G20 finance ministers last month thrashed out an agreement that papered over the radically different views of the two main belligerents -- the United States and China -- in a statement that called for competitive currency devaluations
to be avoided, and for governments to work towards a full suite of policies to reduce current account imbalances. The G20 deal fell short of a firm statement to allow currencies -- in particular the Chinese yuan -- to rise, a step that could have reassured volatile financial markets that firm policy action was on the agenda rather than just words. China's Xia bluntly warned in the Chinese-language Financial News that Beijing would pursue its own interests, saying: "We must think 'what is good for us'." "It doesn't seem to me that this is the kind of environment in which any country will commit to targets," said Credit Suisse currency strategist Olivier Desbarres. In the wake of the Fed's decision to buy $600 billion of US bonds, South Korea's central bank was seen selling its won currency on Thursday in an effort to cap gains after it hit six-month highs. Other high-yielding currencies also rose with the Australian dollar breaking through $1 to its highest levels since 1982. Japan warned it was ready again to use intervention to halt a rising yen which could hit its exporters. In public, South Korean officials remained optimistic of a meaningful deal from the G20 but in private, optimism for a pact backed by firm numbers has been tempered by opposition from Germany and China. "It's very difficult to say that we will have numbers (out of nxt week's summit)," said a South Korean official who declined to be named but who had direct knowledge of the talks.-Reuters
ECB hold rates to maintain exit focus after Fed FRANKFURT: The ECB kept interest rates at 1 per cent as expected on Thursday, leaving markets focused on how JeanClaude Trichet explains a transatlantic policy split after the Federal Reserve launched a new bid to kick-start the US economy. All 80 economists in a recent Reuters poll had predicted the ECB would leave rates at their record low for the 18th consecutive meeting. The euro was unchanged at a 10-1/2 month high against the dollar after the decision and there was no reaction from bond markets. "The interest rate decision was very much expected," said DZ bank economist Thomas Meissner. Focus now switches to the post-decision news conference at 1330 GMT where ECB President Trichet is expected to signal the ECB remains on its exit path. With policymakers tipped to wait until December to decide if they can continue to reel in the ECB's crisis support measures, the bank is expected to stick to the view that the euro zone's recovery has enough momentum to ride out any bumps in the road. The ECB's confident stance on the economy is supported by encouraging euro zone data but leaves it looking isolated among its advanced economy peers and is putting pressure on the euro. The US Fed said on Wednesday it would start printing money again, committing to buy $600 billion in government bonds. The Bank of Japan made a similar move last month. The topic is also being debated in the Bank of England which also kept interest rates on hold on Thursday-Reuters
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He said its actual objective has always been to put the dispute on the back-burner and let the world forget about it. The spokesman, however, said this would never happen as Kashmiris have rendered tremendous sacrifices for the right of self-determination and they would not accept anything less than that. He urged the international community to take strong interest in the prevailing situation in Occupied Kashmir and contribute effectively towards resolution of the dispute. Commenting on President Obama's reported remarks in an interview regarding Mumbai attacks, the spokesman said, "Pakistan is committed to bring perpetrators of the Mumbai attack to justice. But it needs India's assistance and cooperation for the successful completion of the trial." The spokesman told a questioner that the Ministry of Foreign Affairs was in the process of establishing authenticity or otherwise of the reported letter of the Saudi Prince to the Chief Justice of Pakistan regarding acquisition of accommodation for pilgrims in the holy land.
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pertaining to open market and credit operations and international reserves have been elaborated and clarified by substitution of the existing sections, the minister said. Section 52 of the SBP Act which provided for the supersession for the Central Board by the Federal Government since the State Bank was privately owned, has been repealed in conformity with the current autonomy of the Central Bank, and international practice. The minister said these amendments will make conducive to the changing global economic and regulatory environment and will better enable the modern functions of the Central Bank, the minister said.Furthermore, National Assembly on Thursday passed The Industrial Development Bank of Pakistan (Re-organization and Conversion) Bill, 2009 to provide for the re-organizing and conversion of the bank into a public limited company.Minister of State for Finance Hina Rabbani Khar presented the Bill, which shall come into force at once and extends to the whole of Pakistan.
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devastation caused by recent floods," he added. He said that there In this meeting the rehabilitation and renovation of the flood was commodity boom in the world market and Pakistan could take affected areas will be discussed which has already been formulat- advantage of it by enhancing its agriculture as well as industrial ed with the help of finance and foreign ministers respectively. production. Hafiz Shaikh regretted that the tax to GDP ratio of The evaluation and survey report of the Asian Development Pakistan is only 10 per cent, which he added needed to be enhanced bank on the flood effective areas will also be submitted in which for the overall socioeconomic development of the country. $9.50 billion expected to be raised. Immediate release of the funds He said that bill related to tax reformations was with the parliawill be demanded and the World community and relief organiza- ment adding that the RGST would be implemented in consultation tions will be asked to assist in this respect. -Online with all the four provinces.Referring to Secretary Clinton's statement for taxing the elite, he said it was national interest to enhance Continued from page 12 No #3 revenues whether somebody from outside advises us or not.He He urged the Prime Minister to explain the government's stance said that special attention would also be given for the development over issues of public interest as it is the duty of the government. of dams and improvement in irrigation system of the country Opposition leader claimed that the prices of gas have been besides improving the efficiency of electricity plants. -APP decreased in other parts of world, while these have been increased Continued from page 1 several times in our country. Talking about Charter of Democracy No #8 (CoD), Ch Nisar said that the Prime Minister in his speeches says and he himself would be moved from the office. The DG FIA that the government has implemented almost 80 per cent CoD, stressed, 'Our law contains no clause to get the money recovered,' while practically speaking it is not more than 20 to 25 per cent adding the FIA investigations regarding the PSM's customer Alimplementation on the clauses. Abbas Group are not correct.Surprised on this, the CJ addressed About independence of media, leader of the Opposition said that him, 'You discredit your own department's report, then the entire media should be given full freedom and protection in the tenure of matter fizzles out.'The CJ directed him to take action against fordemocratic and political government. Criticizing the government mer DG FIA and send to jail the people involved in sending incorfor not taking anti-corruption bill in the House, leader of the oppo- rect report.The case hearing was adjourned for a month. -Agencies sition said that the government is not sincere in passing the antiContinued from page 1 No #9 corruption bill. -Agencies under which Marines Fisheries department laboratory services Continued from page 12 No #4 would be revamped according to modern standards.Trade He said that no one has courage to attack at house of Sherry Ministry has requested the EU to send its inspectors as more than Rehman. Answering to a question he said that it is right of every 200 boats have been constructed according to EU standards, curpolitical party to protest against the inflation and it is principle of rently at this time 9 units are ready for inspection. This matter was democracy that everything should not be taken negatively. -Online also taken up at the meetings of EU senior officials and now due to security concerns the visit of inspectors is being delayed.
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concentrate on life insurance amid investor concerns its lack of focus had held back its share price. Roberts declined to comment on why HSBC pulled out of the deal, which was heralded as the British lender's first foray into African market, currently enjoying strong growth due to burgeoning trade links with Asia. "We feel the group remains unfocused and is unlikely to achieve a premium rating until it achieves greater focus in its business lines," Oriel Securities analyst Marcus Barnard wrote in a note. Old Mutual shares were up 3.2 per cent at 133.2 pence by 0840 GMT, while the FTSE 100 share index was 1.7 per cent higher.Old Mutual also reported unit trust sales for the three months to Sept. 30 of 2.9 billion pounds ($4.68 billion), up 36 per cent compared with the same period last year, and well ahead of the 2.2 billion pounds expected by analysts, according to a consensus forecast calculated by the company. The strong unit trust sales offset a flat performance in life insurance, where sales rose 1 per cent on the year to 351 million pounds, lagging consensus at 372 million pounds.-Reuters
11 Euro zone services growth slows despite buoyant Germany
International & Continuation
Friday, November 5, 2010
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would replace its general sales tax (GST) by the RGST by Oct 1, but that deadline has slipped to Dec 1.Another government source familiar with the negotiations said this week that the government was in a position to show progress on some issues of concern to the IMF and a bill on the RSGT would be introduced in parliament soon.Talks on policy-level issues were expected to resume on Thursday.The IMF mission is expected to stay in Pakistan until Friday and then return to Washington to present its findings on the country to its board, which will have final say on the tranche.Pakistan has also agreed to raise electricity tariffs by around 2 per cent a month, according to official sources, to try to eliminate its spending of $2 billion annually on power subsidies. -Reuters
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Saturday. Later, on the same day his funeral prayer will be offered in Jinnah Ground, Azizabad before he is laid to rest in
LONDON: Growth in the euro zone's dominant service sector lost steam last month as a slowdown in smaller economies and a downturn in Spain outweighed an upswing in activity in Germany, key private sector business surveys showed on Thursday. The Markit Eurozone Services Purchasing Managers' Index (PMI), which monitors the performance of thousands of companies ranging from banks to hotels, fell in October to an eight-month low of 53.3 from 54.1 in September. While that was revised up slightly from a flash estimate of 53.2 and still well above the 50 mark that divides growth and contraction, the survey showed activity was likely supported by a reduction in backlogs of work. "Activity actually improved in Germany and was pretty buoyant, but elsewhere the situation was markedly less promising ... Spanish services activity worryingly contracted at the fastest rate since last December," said Howard Archer at IHS Global Insight. Financial markets did not show any reaction to the revisions. Earlier data showed French service sector growth slowed
dramatically last month and Italy's ticked down as well. Spain's index slumped to 46.5 from 47.9 in September, its third straight month below 50. But in Germany, Europe's biggest economy, the pace of growth accelerated on stronger client demand and improved conditions in the wider economy and this may continue. The country's Lufthansa airline said last week it expects business to remain strong next year. Earlier in October, Commerzbank, Germany's second-biggest lender, said it saw business in its strongest unit going well. The euro zone composite PMI, a broader measure of private sector activity that combines both the services and the manufacturing PMI which on Tuesday showed a fall, slipped to an eight-month low in October of 53.8 from 54.1 in September. The flash reading was slightly lower, at 53.4. Survey compiler Markit said the composite PMI data suggested quarterly euro zone economic growth of 0.3 per cent, down from 0.6 per cent in the third quarter and a peak of 1 per cent in the second quarter. The report showed, however, that a significant contributor to
growth in the past month came from working down existing orders rather than meeting new ones. The service sector backlog of work index fell below 50 for the first time since the start of the year, down to 48.8 last month from 51.6 in September. "The fact that this growth was partly achieved through backlogs of orders falling for the first time in nine months suggests that firms are struggling to maintain activity levels in the face of weakened inflows of new orders," said Chris Williamson at Markit. "If this continues, firms are likely to consider job cuts, meaning employment in the sector could soon start falling again." The composite employment index fell further last month, slipping to 51.1 from September's 51.4, indicating firms were taking on new workers at the slowest pace since June. Data released last week showed euro zone unemployment rose to 10.1 per cent in September from a downwardly revised 10 per cent in August despite a fall in the number of jobless in the euro zone's biggest economy Germany.-Reuters
MQM's Shuhada Graveyard in Karachi. -Agencies
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Balochistan.Answering to another question he replied that 675 sacked employees of Utility Store Corporation have been reinstated under the ordinance while the employees are being given salaries from the Corporation fund and a summary has been dispatched to Finance ministry in this regard. -Online
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the country adding that the anti corruption cell of FIA has been enhanced in this regard.Malik rejected news items in which a statement was attached to him saying that "corruption would be ended within a week" and termed it wrong and baseless and said that he warned the corrupt officers to leave the departments otherwise action would be taken against them.To a question, Rehman Malik said MQM is a close partner of the government in the Sindh government and rejected that some elements wanted to create the gape between the PPP and MQM, but they would not be succeeded. -APP
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that the Supreme Court of Pakistan had passed an order sometime back that all pensioners of the Federal, Provincial and Defence departments shall be allowed to open their accounts in any scheduled bank and the banks shall be instructed to transfer the amount of pension in their account on 30th of every month enabling them to draw the same as per their choice. The State Bank had earlier directed all banks to comply with the Supreme Court Order.
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in the month of September 2010, according to the data released by All Pakistan Cement Manufacturers Association (APCMA).As per details available, local cement dispatches up by 44 per cent MoM to 1.97 million tonnes against 1.37 million tones in the month of September, similarly exports figures showed further improvement as it surged 52 per cent MoM to 1.97 million tonnes. However, on YoY basis decline was seen in total dispatches as it was down 4 per cent to 2.9 million tonnes from 3 million tons sold in same period last year in which local sales up by 3 per cent while exports fall by 16 per cent.On the other hand, total cement sales remained depressed during the first four months of current fiscal year 2011, as total sales declined 11 per cent to 10.12 million tonnes against 11.42 million tonnes in same period last year.
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damage, Pakistan still has a surplus for export as wheat stocks soared this year after a bumper crop of 23.86 million tonnes in 2009/10, with a carryover of 4.2 million tonnes from the previous crop."We have written to the federal government to allow us to export surplus wheat and their reply is still awaited," Punjab's food minister, Chaudhry Abdul Ghafoor, told Reuters. "We have extra stocks and then we will also have the next crop ready in a few months." Ghafoor did not have details but an official in his ministry said the Punjab government had 6 million tonnes of wheat in stocks, including 2.5 million tonnes in reserves that it sought to export.A senior finance ministry official in the federal government said last month any decision on wheat exports would be made after the sowing of the next crop, which has already begun in Punjab, the country's agriculture heartland and major wheat grower.The planting season runs through December. -Reuters
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jumping into the stock market, but protecting their assets." "The part of the market that will drive this rally is the commodities. That's the part that's been fueling it, that's the part that will continue to fuel it," said Mendelsohn. The Dow Jones industrial average added 176.65 points, or 1.58 per cent, to 11,391.78. The Standard & Poor's 500 rose 17.01 points, or 1.42 per cent, to 1,214.97. The Nasdaq Composite gained 31.12 points, or 1.23 per cent, to 2,571.39.The benchmark S&P rose to within three points of a high going back more than two years. In what could be seen as conflicting technical signals, the S&P 500 daily moving average convergence-divergence chart triggered a buy signal for the first time since October 18, but its relative strength index jumped near 76. An RSI reading above 70 indicates overbought level.-Reuters
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The Australian dollar, whose central bank raised rates by 25 basis points to 4.75 per cent this week, hit a post-float high at US$1.0148. It was last at US$1.0136, up 0.8 per cent. The New Zealand dollar rallied to its highest since mid-2008 at US$0.7976, and was up more than 2 per cent on the day at US$0.7961.Against the yen, the dollar eased to 80.63 yen, close to its 1995 postwar record low of 79.75. A major Asian sovereign account was a seller in European trade. Traders remained on alert for possible yen-selling intervention by Japanese authorities. -Reuters
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higher international oil prices which crossed $85 a barrel spurred buying activities in oil sectors stocks which was followed by banking stocks. Anyways the index gradually gained and touched 10,730 points mark (+ve 112 points), the highest level of the day, just near the end of the session. Some heavy buying was witnessed in Lotte Pakistan throughout the session as the China PTA futures prices rose by 4 per cent to $1441/tonne. Therefore the stock was the volumes leader of the day with 40 million shares traded in the scrip contributing around 32 per cent of the overall market turnover. NCCPL data showed foreigners net-bought shares worth $0.49 million. Local banks did a net-buying of $1.54 million while individual investors and mutual funds did net-sold equities worth $1.28 and $0.76 million respectively. Investor participation too remained impressive throughout the session as 125.9 million shares traded in the overall market which is 19.8 million more as compared to a turnover of 106.1 million a day earlier.Out of total 388 active issues 213 advanced and 152 declined while 23 issues remained unchanged.
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directors and members started when some harsh words were exchanged by both sides during the annual general meeting last week mainly the issues of Chairman Human Resource committee and luxurious packages of the management. On the other side, SECP has written a letter to KSE board that the appointment of acting managing director is illegal as while selecting the acting MD neither the non-member directors nor the apex regulator was taken into confidence. Therefore SECP has asked KSE board to remove Haroon Askari from the post of acting MD KSE. In this regard KSE board has called a meeting to solve this issue and discuss other matters of the exchange including selection of the new managing directors. According to a director of the exchange the issues are likely to be resolved politely. Further, the extraordinary general meeting to amend the Articles of the Exchange has been adjourned till Nov 22.
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Want equal treatment on civil nuke cooperation: Pak
FO says ties with US independent of India Special Correspondent ISLAMABAD: Foreign Office Thursday said 932 Pakistani prisoners detained in different countries have been repatriated to the country since May this year. In his weekly briefing Foreign Office spokesman Abdul Basit said these Pakistanis did not include fishermen prisoners released by India. Giving break up, he said 800 were brought back from UAE, 66 from Afghanistan, 46 from Greece and 20 from Yemen.
The spokesman said 8 Pakistanis prisoners in Thailand are being transferred to the country under transfer of offenders' agreement between the two countries while 20 from Sri Lanka would be repatriated soon. He said there are about 7000 Pakistanis in jails in different countries on different charges. He said all possible efforts are being made to get them back to the country especially who committed minor crimes and awaiting completion of their respective sentences. Commenting on Indian desire
to become member of Nuclear Suppliers Group, he said, "Pakistan strongly believes that there should be level playing for the two countries." He said Pakistan has been insisting to get the same treatment by the international community on civil nuclear cooperation that has been made available to India. Replying to a question about American President's visit to India, the spokesman hoped that it would help contribute towards peace and stability in South Asia. He, however, clarified that Pakistan's relations with the
During first four months
FBR tax kitty up 7.2pc at Rs400bn ISLAMABAD: Federal Board of Revenue (FBR) has provisionally collected tax revenues of Rs398.639 billion up to October showing an increase of 7.2 percent collection compared to the same period of last fiscal year. "The FBR has provisionally collected Rs398.639 billion up to October of the current financial year compared with the total tax collection of Rs371.758 billion achieved during the same period of last fiscal year (2009-10) registering 7.2 per cent in the revenue collection", Member Direct Taxes (Policy) and Spokesman FBR, Asrar Rauf told APP here on Thursday. He said that despite economic challenges including power shortage and floods, the FBR has also collected provisional amount of over Rs105 billion revenues in the month of October against the target of Rs104 billion. He said up to October 31 FBR has collected over Rs131.62 billion as Directed Taxes compared to over Rs128.98 billion in same period of October 2009,
United States should not be seen through the prism of Washington's relations with New Delhi. He said, "Our relations with the US are independent of what happens between the United States and India." He also pointed out that United States is interested in having long-term strategic partnership with Pakistan. The spokesman said that USA also understands how important Jammu and Kashmir issue is for peace and stability of the region. He said, "Pakistan hopes the United States will continue mak-
CCI meeting called on 8th ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has called the meeting of the Council of Common Interest (CCI) on Nov 8. According to details the council will discuss the agenda for the upcoming meeting of Pakistan Development forum on Nov 14 in which world community is also invited to participate. In this meeting the world community will be asked to assist and provide financial support. Members of the common interest council along with the chief ministers and Federal Ministers of Pakistan will be present at the occasion. See # 2 Page 11
showing a revenue growth of 2.1 per cent. Similarly, he said that the FBR has collected Rs267 billion as Indirect Taxes up to October as compared to Rs242.771 billion collected up to October 2009 showing a revenue growth of 10 per cent. The spokesman FBR said that over 2.3 million people have registered themselves and got National Tax Number (NTN) out of them 1,389,587 have filed their returns up to October 31. He said that last financial year unto October 1,363,666 people filed their returns. "We have directed members operations of the Federal Board of Revenue to identify the remaining 0.9 million tax payers who have got NTN but did not file their returns", he said. He expressed the hope that steps and reforms initiated by the FBR for the broadening tax base regime would help enhance revenues for the country. -APP ISLAMABAD: Interior Minister Rehman Malik has Parliamentarians can solve problems said that there is no major difference between government and its allies some differences are normal part and parcel of coalition govt. Talking to media men outside the Parliament Thursday he said that it is democratic right of MQM to protest against ISLAMABAD: Minister for Law, in his speech that the parliamentarians inflation and boycott the sesJustice and Parliamentary Affairs Dr can solve the problems of the people if sion. He said there is no major Babar Awan has said that the govern- the agenda of the session is followed difference between PPP and MQM alliance and both parties ment is fully committed to hold strictly. accountability of every person, adding Quoting Prime Minister, he said that have decided to work together "the accountability would be across-the- the ministers could also come with for country. He further said that the secuboard". preparation and satisfy the members if Addressing in the National Assembly no point of orders is taken in the rity situation of Karachi has Thursday, the minister said that govern- House. been improved, and as far as ment believes in the process of accountMinister for law informed the House crime is concerned it is not only ability, however he remarked that it that it is not the members who are to problem of Pakistan but is a does not mean political victimisation of decide that a particular motion is admis- global problem however govany person. sible or not adding that there is a proper ernment is taking every possiHe said that Opposition has talked procedure for adding motions in the ble step to control the crimes in about some controversial points which agenda of session. country. should not be discussed in the House as He said the Pakistan Peoples Party is Malik pointed out that it is the matters are subjudice. following the agenda of reconciliation the beauty of democracy that Explaining some of the points from in letter and spirit and it always wel- our workers are shouting the the Prime Minister's Wednesday's comes the positive criticism from the slogans against government. speech, Awan said Prime Minister stated opposition. -APP See # 4 Page 11
ing its efforts towards help process of resolving this dispute." When his attention was drawn to statements emanating from India acknowledging the need for solution of the Kashmir issue, the spokesman said such conciliatory but vague statements are not unexpected given that President Obama is to visit India from Saturday. The spokesman said people of Pakistan and Kashmiris are familiar with such gimmicks as India never showed serious commitment to settlement of the dispute. See # 1 Page 11
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Country facing 1000mmcfd gas shortage: Qamar
Uniform gas load shedding on cards ISLAMABAD: Minister for Petroleum and Natural Resources Syed Naveed Qamar has said that the government is taking measures under a long-term strategy to remove gap between demand and supply for ensuring smooth natural gas supply to the consumers. Answering questions in the National Assembly Thursday he said besides enhancing local exploration of natural resources government is also working on implementing PakIran and Pak-TurkmenistanAfghanistan Gas Pipeline projects. He said due to one thousand mmcfd gas shortage load-shedding has to be undertaken in winter season. However Economic Coordination Committee of the Cabinet will consider a uniform gas load
management formula. He said under this formula no discrimination will be made to any area regarding gas load-shedding. Minister of State for Communications Imtiaz Safdar Warraich informed the House that Shaheed Benazir Bhutto CNG Bus Service Programme is being launched in eleven big cities of the country shortly. He said under this programme eight thousand CNG buses will run in these cities which will provide cheaper transport facilities to the people. He said under this programme bus service is being launched in Karachi soon. Defence Minister Chaudhry Ahmad Mukhtar said work on Gwadar international airport is underway and hoped that it will be completed by 2012. Agencies
PPP should quit Punjab cabinet if not satisfied
Masses paying for govt's lapses: Nisar ISLAMABAD Chaudhry Nisar Ali Khan, Leader of the Opposition in National Assembly, on Thursday said that PPP is in coalition with PML-N in Punjab Assembly and if it is not satisfied with the performance of Punjab government then it should quit the coalition government in that province. Speaking on a point of order in the National Assembly, he said that it is beyond understanding why some
members are objecting on the performance of Punjab government when they themselves are coalition partners in the provincial government. "One must own or disown its merits and demerits when one is partner in a coalition government, otherwise there is no justification to remain in the government", he said. Ch Nisar said that their party does not believe in destabilising
the government as people and Allah Almighty gave them the mandate to rule over the country but it does not mean the problems currently faced by poor masses should be ignored. "Prime Minister did not discuss any measure to overcome price hike and he even did not tell the reasons why the petroleum products' prices have been increased", he said. See # 3 Page 11
Malik denies PPP-MQM conflict
In accountability, we believe: Awan
Pakistan Navy inducts made-in-China copters KARACHI: The second batch of four Z9EC antisubmarine helicopters and the first information and electronic warfare jet aircraft were formally inducted in Pakistan Navy Aviation fleet on Thursday. The induction ceremony was held at PN Aviation Base PNS Mehran. Chief of the Naval Staff, Admiral Noman Bashir was the chief guest. The Z9EC helicopters have been acquired from China under the contract with China National Aero Technology Import and Export Corporation (CATIC). The first batch was inducted last year which has been successfully taking part in Naval Air Operations. These helicopters operate from F22P Frigates which now make an important part of PN Fleet. The heli-
copters are equipped with advanced sensors and torpedoes for undertaking designed role of antisubmarine warfare. The acquisition of IW/ EW jet aircraft would add a new dimension to Pakistan Navy's intelligence gathering capabilities. The aircraft, equipped with modern and sophisticated equipment, is capable of covering larger areas in short time span, and would significantly enhance maritime domain awareness of own area of operations. Speaking on the occasion, Chief of the Naval Staff said that while the Indian Ocean holds maximum stakes in terms of vital resources and strategically important sea lines of communication, it has also witnessed rise in maritime crimes, posing challenges to regional and extra regional
players. Considering the threat in the shape of transnational terrorist networks, security is no longer an isolated affair and navies are today resorting to the concept of 'collaborative and collective security'. Admiral Bashir further said that Pakistan enjoys time-tested, multi dimensional and deep rooted relations with China. These relations have grown deeper and stronger in all spheres of defence and economic cooperation. F-22P and Z9EC projects are clear manifestations of these bonds of friendship. Earlier in his welcome address, Commander Pakistan Fleet Vice Admiral Tanveer Faiz gave an account of acquisition programme of these aircraft and their role in PN Aviation Fleet. -Agencies
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